Finance Mortgage Banking
$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 Mortgage Banking Headlines
Bush Drops Resistance to Housing Bill; House Expected to Vote Today
July 23, 2008
Despite his objections over a $3.9 billion provision that would assist communities devastated by foreclosures, President George W. Bush today dropped his opposition to housing rescue legislation. He was previously threatening to veto the legislation.
Paulson_Henry Administration’s Fannie, Freddie Bailout Could Cost $25B
July 22, 2008
The Congressional Budget Office (CBO) has submitted a report to the House Budget Committee on the Bush Administration’s proposal to provide temporary authority to Treasury Secretary Henry Paulson to purchase any amount of obligations and other securities issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
lefleur jeff W. P. Carey Closes European Sale-Leaseback
July 21, 2008
W. P. Carey & Co. has reported that CPA(R):16 - Global, its publicly held non-traded REIT affiliate, has provided approximately 19 million euro of sale-leaseback financing to Schoeller Arca Systems through the acquisition of two manufacturing facilities located in Monheim, Germany and Nurieux, France.
Ben Bernanke Bernanke: Housing Crisis at Heart of Economic Woes
July 15, 2008
Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee today the housing crisis coupled with rising oil prices are “at the heart of the current (economic) uncertainty.”
General Growth Closes Part 1 of $1.8B Loan
July 14, 2008
Chicago-based General Growth Properties Inc. has wrapped up the initial phase of a new secured mortgage loan facility that is expected to total $1.75 billion. The retail REIT pocketed $875 million with the closing of the first segment of the loan.
 

 

REal Talk with Adam Perrotta
July 23, 2008
By Adam Perrotta, News Writer --It appears as though the tide of opinion calling for government aid for the foreclosure crisis has impelled President Bush to drop his opposition to a $3.9 billion housing rescue bill. Whether Bush's reversal was...

Sterling JV Pays $38M for Tampa Apartments Despite Soft Market
July 23, 2008
By Scott Baltic, Contributing Editor -- Sterling American Property Inc., in a JV with The Collier Cos., has purchased the St. Croix Apartments, a 540-unit, gated, resort-style apartment community in Tampa, for just north of $38 million. The seller was...

Trio of Projects to Bring 1.7M SF to Suburban DC
July 23, 2008
By Barbra Murray, Contributing Editor -- The souring economy hasn't altogether dampened development activity. In the Washington, D.C., suburb of Arlington, Va., news has emerged about three new office and mixed-use projects that will bring a total of 1.7 million...

Westcore Sells Vienna Office for $39M
July 23, 2008
By Thomas Peretti, Contributing Correspondent -- Westcore Properties has announced the sale of a Class A Austrian office building. The 125,000-square-foot property sold for $39.2 million (24.5 million Euros) to Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH. The six-story building...

Bush Drops Resistance to Housing Bill; House Expected to Vote Today
July 23, 2008
By Erika Schnitzer, Associate Editor, Multi-Housing News -- Despite his objections over a $3.9 billion provision that would assist communities devastated by foreclosures, President George W. Bush today dropped his opposition to housing rescue legislation. He was previously threatening to...

Top Brokers Do Deals in Bad Markets, Too
July 18, 2008
By Mike Myatt, Chief Strategy Officer N2growth --Many in the industry long for the frothy markets of 2005 when sellers experienced record low cap rates, buyers were aided by loose credit and a strong flow of funds from the capital...

Know Thy Customer
July 11, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --How well do you really know your customer? Let me put this as simply as I can. If you want to succeed in business you must be in touch with the demands of...

How to K.I.S.S Problems Goodbye
June 27, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Keep It Simple Stupid. One of the most effective ways to order your world is to simplify everything you encounter. The problem is that keeping it simple often becomes very difficult when our...

Does Appearance Matter?
June 20, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --So, do appearances really matter? They shouldn't, but the reality is that they most certainly do. As the old saying goes, "you only get one chance to make a first impression," and often...

Recognizing the Need for Change
June 13, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Since the title of today's column is "Recognizing the Need for Change," I'm going to switch things up a bit and ask you to answer a question posed by me. I first warned...