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
Financing Closes for New Jersey Retail/Office Center
Sept. 05, 2008
The 185,000-square-foot office and retail property at 2143 State Route 35 in Holmdel, N.J., has been financed to the tune of $17.4 million.
Financing Deal in Place for Two Suburban Dallas Affordable Housing Properties
Sept. 05, 2008
With the assistance of Holliday Fenoglio Fowler L.P., Juniper Investment Group has gotten its hands on $17.5 million in financing for its Garden Gate Fort Worth and Garden Gate Plano affordable housing communities located in Fort Worth and Plano, respectively.
avenir HFF Arranges $90M Loan for New Archstone M-F Project in Boston
Sept. 05, 2008
Development of Archstone Avenir, a 241-unit luxury apartment community in Downtown Boston, is moving forward with help from a $90 million construction loan arranged by the Boston and Dallas offices of Holliday Fenoglio Fowler L.P.
European ProLogis Fund Secures $383M Refi
Sept. 05, 2008
ProLogis European Properties Fund II, a private equity fund established by Denver-based distribution facilities provider ProLogis, has attained a five-year secured term loan facility valued at €264 million, or approximately $383 million, for the purpose of refinancing 34 properties in Central Europe.
Lenders Go After Macklowe Over $510M Loan
Sept. 04, 2008
Deutsche Bank AG and other lenders are suing Macklowe Properties Inc. to foreclose on a $510 million loan the company took out to develop the site of the Drake Hotel in New York City.
 

 

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