Although the tony Landmark condominium tower in Greenwood Village has filed for bankruptcy, the developer has received some good news with an infusion of cash from a financially strong company with deep local ties.
The Landmark’s owner has executed a loan agreement for a debtor-in-possession financing facility of $15 million with Carmel Landmark, LLC, an indirect subsidiary of Carmel Partners Fund III, LLC, a private, $700 million real estate investment fund headquartered in San Francisco and with offices in Denver.
Carmel Partners was founded by Denver native Ron Zeff in 1992, who continues to serve as the company’s chief executive. His late father, Cal, was the largest owner of apartment communities in Denver for many years.
When approved by the bankruptcy court, the new facility will provide enough capital to the ownership entity to complete all remaining construction in the development, according to the company owned by Landmark developer Zack Davidson. It also will provide funds adequate to pay for the day-to-day operations of the community going forward.