Development

HFF Announces Refinancing of 16th Street Mall Building

DENVER – Holliday Fenoglio Fowler, L.P. (HFF) recently orchestrated the refinancing for the California Mall building, a 42,890-square-foot, fully leased, multi-tenant urban retail center directly on the 16th Street Mall that houses the only Target in downtown Denver.

The HFF team worked on behalf of the borrower, Gart Properties — a Denver-based real estate investment, development and management company with a reputation for turning underperforming assets into bustling business successes — to place the fixed-rate loan with Nationwide. HFF will service the loan, proceeds of which will be used to refinance the property.

The California Mall building is situated on .432 acres at 1600 California Street where California Street intersects with the 16th Street Mall, an irreplaceable location with the highest pedestrian traffic count. Additionally, the downtown building is surrounded by more than 32 million square feet of office space and more than 132,000 employees and is near the Colorado Convention Center.

Constructed in 1990 and currently undergoing renovations, the three-story building is fully leased to six tenants, including Target, Giordano’s, Great Clips, Einstein Brothers Bagels, Red Robin Express and Chipotle. Target officially opened in July of 2018, occupying the entire second and third floors, and Giordano’s is expected to open later this fall.

The HFF debt placement team representing the borrower consisted of Senior Managing Director, Eric Tupler.

“It was a pleasure to work with Eric and the HFF team on this exciting project,” said Mark Sidell, president of Gart Properties.  “Target’s opening marks the beginning of another great chapter in the story of Denver emerging as a superstar city.”

Photo courtesy of HFF

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