Denver, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $15.464 million in bridge and construction financing for 2323 Delgany, an 83,133 SF, 100-percent-leased industrial warehouse located in Denver’s River North (RiNo) District.
HFF worked exclusively on behalf of the borrower, a joint venture between EverWest Real Estate Partners (EverWest) and WHI Real Estate Partners L.P., to secure the fixed- to floating-rate loan through First National Denver, a division of the First National Bank of Santa Fe. The initial fixed-rate loan funding will be allocated toward the acquisition of the property and the future floating-rate funding will be used to facilitate the conversion to creative office space.
Situated on 3.46 acres, 2323 Delgany is strategically located along the northwestern border of Denver’s central business district at the corner of Delgany and Park Avenue in the rapidly redeveloping RiNo mixed-use neighborhood. Additionally, Denver’s newly-renovated Union Station, Coors Field, The Colorado Convention Center and Interstate 25 are within a mile of the property. Originally constructed in 1975 as a Twin-T industrial warehouse, the borrower plans to convert the asset to a creative office property as tenant leases expire in 2017.
The HFF debt placement team was led by associate director Leon McBroom and senior managing director Eric Tupler.
“We are pleased to complete this financing as it will significantly enhance our ability to successfully reposition this asset,” said EverWest’s Paul Andrews.
“First National is proud to have been of service to two very valued clients and appreciates the opportunity,” added Jonathan Smith, executive vice president of First National.
Graphic Source: State of Downtown Denver Report 2016, Downtown Denver Partnership