$18M Permanent Financing Secured for Mixed-Use Properties in RiNo
DENVER, CO – December 1, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) secured permanent financing totaling $18.008 million for Freight and Freight Residences, two properties featuring retail, office and residential space within the TAXI campus in Denver’s River North (RiNo) neighborhood.
HFF worked exclusively on behalf of the borrower, Zeppelin Development to secure permanent financing for each of the properties in two separate transactions closed this fall. The first was a $6.86 million, 10-year, fixed-rate loan for Freight, which was placed with a securitized lender. HFF also secured an $11.148 million, 10-year, fixed-rate loan for Freight Residences through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.
Situated along Ringsby Court on the left bank of the South Platte River in Denver’s RiNo submarket, the TAXI master planned campus is an eight-building, mixed-use development containing more than 400,000 square feet of mixed-use, office, residential and retail. Originally built in 1951 as a brick, dock-high shipping terminal, Freight was transformed into approximately 28,781 square feet of highly-functional creative office space in 2011. The three-story property was designed by Dynia Architects and features a communal conference room, shared kitchen/lounge and an outdoor movie theatre on Freight Plaza. Freight is occupied by 16 diverse office tenants in industries, including marketing, computer software, retail and architecture.
Completed earlier this year, Freight Residences is a 48-unit, Class A, mid-rise apartment building totaling 49,962 square feet. The property’s one-, three- and four-bedroom residences feature upgraded appliance packages, modern designs and functional floor plans with access to amenities such as a swimming pool, creative recreation room, dining options and a fitness center. The 100-percent-leased, walkable property offers easy access to a variety of transit options and amenities in the emerging RiNo area and downtown Denver.
Images courtesy of HFF