Finance Lending
$145M Construction Loan Set for Denver Tower
May 13, 2008
By: Denise L. Meyer, Contributing Correspondent

The Dallas office of Holliday Fenoglio Fowler L.P. has announced that it arranged a $140 million construction loan for 1800 Larimer (pictured). The building is a 496,000-square-foot Class A, Platinum LEED pre-certified office development in Denver, Colo.

The 22-story office tower is slated for completion in 2010. It is approximately 70 percent pre-leased to tenants including Xcel Energy, Frederick Ross Company and Citywide Bank.

HFF senior managing director Trey Morsbach and associate director Clint Corn worked exclusively on behalf of Westfield Development Partners to secure the 42-month, adjustable-rate loan through Wachovia Bank. Westfield Development Partners is the development arm of Denver-based Frederick Ross Company.

The site is between 18th and 19th Streets at Larimer Street, on the edge of Denver’s Lower Downtown area. The building will feature a raised floor air distribution system, fitness center, conference room and garden terrace.

CPN reported on other developments in Denver last week, including a 400-unit multi-family community slated for construction in the Central Platte Valley being developed by Trammell Crow Residential and Jupiter USA’s Dacono Gateway Centre.

CPN also reported on the first quarter Apartment Research Report by Marcus and Millichap Real Estate Investment Brokerage Group which forecasts new job growth, increased rents and 30 percent more new rental units on the market this year compared to 2007 in Denver.

 
Recent Lending Headlines
liberty harbor $28M Financing Deal Paves Way for NJ Mixed-Use Waterfront Project
Aug. 07, 2008
Plans to erect an upscale 564,000-square-foot mixed-use project on a 2.7-acre coastal brownfield site in Jersey City, N.J., move forward with the closing of a $27.5 million loan to fund the acquisition and the environmental cleanup of the property. EnviroFinance Group L.L.C. provided the financing for developer Statue of Liberty Harbor North Redevelopment Urban Renewal L.L.C.
Emeritus Nets $163M in Loans for Seniors Housing Buy
Aug. 06, 2008
KeyBank Real Estate Capital has secured $163 million in loans to finance the purchase of 19 senior housing properties nationwide. The package will finance Emeritus Senior Living’s purchase of the 19 properties, which range in individual price from $2.9 million to $14.7 million. Upon the completion of the purchases, Emeritus will serve as proprietor of the sites, which are located natonwide.
Westin Ft. Lauderdale $84M in Financing in Place for Fort Lauderdale Hotel Transformation
Aug. 05, 2008
Plans for the conversion of Fort Lauderdale, Fla.'s Sheraton Yankee Trader Hotel into the 433-room Westin Beach Resort have gotten a big boost with the closing of an $84 million financing deal for the project. Borrower A1A Trader L.L.C., an affiliate of Starwood Capital Group, was able to obtain a senior secured increasing term loan from ING Real Estate Finance, which took on the roles of Administrative Agent and Sole Lead Arranger on the transaction.
Michael Rowan GE Real Estate Names New President, Plans Expansion of Arden Realty
Aug. 05, 2008
Just a day after Michael Rowan took the helm as president of GE Real Estate Americas’ equity business unit, he announced today that Arden Realty Inc. will expand its role from working on just the West Coast into a national office platform.
717 W 9th Street Meruelo Maddux Closes on $84M to Finish L.A. Residential Tower
Aug. 05, 2008
Unlike a bevy of construction projects across the country, development of the upscale 214-residence apartment high-rise at 717 W. Ninth St. in Los Angeles will not fall victim to the credit crunch, as Meruelo Maddux Properties Inc. has just closed on an $84 million construction loan. The 35-story structure, located across from the Staples Center sports arena and the $2.5 billion L.A. Live mixed-use project, is part of a long list of developments that are contributing to the multi-billion remake of downtown Los Angeles.
 

 

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