Pulte Mortgage is building a national headquarters building at Inverness Business Park in Arapahoe County.
The company, a subsidiary of Bloomfield Hills, Mich.-based Pulte Homes, is consolidating its Denver offices into a 95,000-square-foot building under construction at 7390 S. Iola Court, between Centennial Airport and Interstate 25. About 500 people are expected to work in the building.
Founded in 1972, Pulte Mortgage finances new-home construction for customers of Pulte Homes, Del Webb and DiVosta. The company originates loans using its own funds or borrowing through credit arrangements. It sells the loans monthly to outside investors.
Pulte Mortgage now occupies a 61,000-square-foot building adjacent to the site. Company representatives did not return calls for comment.
“They were outgrowing that facility,” said Peter Coakley of Inverness Properties, the sales and marketing arm of the business park.
The project will be built by Opus Northwest, which built Pulte’s existing building about 10 years ago. Pulte expects the new building to be done by the end of the year.
While not immune to the challenges facing all homebuilders, Pulte appears to be weathering the storm better than most, at least in Colorado.
For the 195 builders in Denver and Colorado Springs, the local markets where Pulte does business, the sales rate is 0.8 units a month. Pulte, however, is selling three units a month.
“What’s helping them is Anthem,” said Jay Peterson, regional director of Hanley Wood Market Intelligence. “They’re selling about five units a month there, and at Woodmoor Park Townhomes in Colorado Springs, they’re selling six units a month.”
Both Woodmoor Park and Anthem Ranch in Broomfield are age-restricted communities.
Pulte Homes reported $1.2 billion in losses before income taxes for the nine months ended Sept. 30, 2008, compared with a loss of $2.1 billion for the same period in 2007.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
Pulte Mortgage
Subsidiary of Pulte Homes
Founded: 1972
What it does: Finances new-home construction for customers of Pulte Homes, Del Webb and DiVosta
