Cherry Creek North, Denver, Colorado, August 19, 2025
News Summary
A national developer closed a $107.5 million construction loan from Maxim Capital Group to build 37 branded luxury residences in Cherry Creek North under the Waldorf Astoria banner — the first in Colorado. The boutique building will feature high-end finishes, mountain and downtown views, semi-private elevators in many units, private balconies, and extensive amenities including a Peacock Alley–style lounge, signature restaurant, rooftop resort pool, wellness center and EV charging. Hilton Management Services will operate amenity programming. Sales are underway from a Cherry Creek gallery with varying reported unit sizes and starting-price ranges and strong presales reported.
PMG secures $107.5M construction loan for Waldorf Astoria Residences Denver Cherry Creek
Key point: National developer PMG has closed a $107.5 million construction loan from Maxim Capital Group to build a boutique collection of 37 luxury condominiums in Cherry Creek North, marking the Waldorf Astoria brand’s first residential project in Colorado.
What happened
PMG obtained construction financing to move forward with Waldorf Astoria Residences Denver Cherry Creek. The loan was provided by Maxim Capital Group and is intended to fund site work and vertical construction for the 37-home development located at 185 North Steele Street in the Cherry Creek neighborhood, an affluent shopping and dining district just outside downtown Denver. Sales activity is reported as strong with limited inventory remaining.
Financing and transaction team
The financing effort was handled internally by PMG’s capital markets group. Key in-house capital markets and legal contributors included members of PMG’s teams for capital markets and counsel, alongside outside transactional and land use counsel retained by PMG and Maxim. External legal representation for PMG and Maxim participated on the transaction, and a sales leader within the local brokerage community is directing marketing and buyer tours through a sales gallery recently opened in Cherry Creek.
Project description and design
The project is described as a boutique, fully finished residential building featuring a curated set of luxury finishes, appliances and systems intended to deliver the signature Waldorf Astoria residential experience. Concept design is led by a Denver-based architecture firm in collaboration with an internationally known architect. Interior design is by an award-winning firm with finishes inspired by the nearby snow-capped Rocky Mountains. Key interior features called out in project materials include custom gourmet kitchens, built-out closets, Italian bath vanities with stone tops, Waterworks fixtures, Sub-Zero and Wolf appliance packages, curated flooring, contemporary lighting, smart-home capabilities, and a majority of residences with semi-private elevators and private balconies.
Amenities and operations
Planned building amenities are extensive and will be professionally managed by Hilton Management Services to reflect the Waldorf Astoria brand’s approach to high-touch service. Amenity highlights include a Peacock Alley–inspired lounge, a signature on-site restaurant, a rooftop resort-style pool with bar and lounge areas, a wellness center with massage services and saunas/steam rooms, a state-of-the-art fitness and movement studio, a curated lobby with porte-cochere drop-off, and dedicated electric vehicle charging stations.
Sales, pricing and timeline (note on conflicting details)
Project promotional materials and separate reports include slightly different figures for unit sizes, pricing and delivery dates. Reporting across materials lists residence size ranges in two different sets, one showing units from approximately 690 to 3,879 square feet and another showing units from 1,350 to 4,320 square feet. Pricing also varies by communication: initial materials indicated prices starting around $1.2 million to $1.5 million, while later reporting cited updated starting prices near $2.3 million. Timing estimates have likewise varied, with some materials describing a roughly three-year build timeline and other project updates pointing to an expected completion in 2027. PMG and Maxim characterize presales as strong, and project marketing notes limited remaining inventory.
Team and company background
PMG was founded in 1991 and operates as a national development, investment and asset management firm with a history of branded and luxury residential projects. The firm cites more than three decades of experience and a large development pipeline across multiple U.S. markets. Hilton’s Waldorf Astoria brand will operate the residences’ hospitality services and amenity management. The brand is described in project materials as part of Hilton’s luxury portfolio and will bring its residential management platform to this Cherry Creek project.
Where to see the project
PMG has opened a sales gallery in Cherry Creek at a local office suite and is offering tours by appointment. The project’s marketing website and gallery provide unit plans, finish details and appointment scheduling for interested buyers.
Why it matters
The deal brings a globally recognized luxury hospitality brand into Colorado’s residential market through a small, high-end condominium offering. The financing closes a key milestone that allows the developer to begin or accelerate construction, while reported strong presales indicate buyer demand for branded, amenity-rich residences in Cherry Creek North.
FAQ
How much financing was secured for the project?
The developer secured a $107.5 million construction loan from Maxim Capital Group.
How many residences will the project include?
The property is planned as a boutique collection of 37 luxury residences.
Where is the project located and who is developing it?
The site is at 185 North Steele Street in Cherry Creek North, and the developer is PMG.
What are the unit sizes and starting prices?
Project materials show differing ranges. Reported unit size ranges vary from roughly 690–3,879 sq ft to 1,350–4,320 sq ft. Pricing is also reported in multiple communications with starting prices cited between $1.2M and $2.3M. These figures were published at different stages of marketing and may reflect updates or different unit categories.
When is the project expected to open?
Completion timelines vary across materials; some communications suggest a roughly three-year timeframe while other project updates have noted an expected opening in 2027.
Who will manage building amenities?
Hilton Management Services is listed as the operator that will professionally manage amenities and hospitality services for the residences under the Waldorf Astoria brand.
How can I view the residences?
PMG operates a sales gallery in Cherry Creek and schedules tours by appointment through the project’s marketing channels.
Key features at a glance
| Feature | Details |
|---|---|
| Developer | PMG (Property Markets Group) |
| Financing | $107.5M construction loan from Maxim Capital Group |
| Location | 185 North Steele Street, Cherry Creek North, Denver, CO |
| Residences | Collection of 37 fully finished luxury condominiums |
| Unit sizes | Reported ranges vary: ~690–3,879 sq ft and 1,350–4,320 sq ft |
| Starting price (reported) | Communications list $1.2M, $1.5M, and an updated figure near $2.3M |
| Design | Concept design led by a Denver-based firm with international collaboration; interiors by award-winning firm featuring mountain-inspired materials |
| Amenities | Signature restaurant, Peacock Alley–style lounge, rooftop resort pool, wellness center, fitness studio, EV charging, curated lobby |
| Management | Hilton Management Services to manage amenities and hospitality operations |
| Sales | Sales gallery open in Cherry Creek; tours by appointment; reported strong presales with limited inventory remaining |
| Expected completion | Varies by source: roughly three years from launch or an estimated 2027 completion |
Deeper Dive: News & Info About This Topic
Additional Resources
- MileHighCRE: PMG secures $107.5M construction loan for Waldorf Astoria Residences Denver Cherry Creek
- Wikipedia: Waldorf Astoria Residences Denver Cherry Creek
- Commercial Observer: Maxim Capital Group $108M loan to PMG for Denver luxury residences
- Google Search: Waldorf Astoria Residences Denver Cherry Creek
- Hilton: PMG and Hilton announce Waldorf Astoria Residences in Colorado
- Google Scholar: Waldorf Astoria Residences Denver Cherry Creek
- The Denver Post: Waldorf Astoria Cherry Creek condos — first in Colorado
- Encyclopedia Britannica: Waldorf Astoria Residences Denver Cherry Creek
- Hotel News Resource: Waldorf Astoria Residences Denver Cherry Creek coverage
- Google News: Waldorf Astoria Residences Denver Cherry Creek
Author: Construction NY News
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