Holliday Fenoglio Fowler, L.P. (HFF) has arranged post-acquisition bridge financing for The George, an eight-story, 100,615-square-foot office building with ground-floor retail space, located at 820 16th Street in the Midtown West micro-market of Denver’s central business district.
HFF worked on behalf of the borrower, a joint venture between Harbor Associates and Stockbridge Capital Group, to secure the four-year, floating-rate financing through a regional bank. Harbor Associates (“Harbor”) specializes in acquiring, renovating and leasing commercial properties throughout Southwestern U.S. markets. Harbor Associates originally purchased the property in 2018 for $24.5 million.
The business plan is to lease-up the remainder of the building in addition to completing interior and exterior renovations. The anticipated renovations include: updated exterior lighting, new signage, fresh paint to the lower two floors, an activated basement space with a bike barn and repair room, on-site showers and lockers and an improved lobby space.
The George, formerly known as the Symes Building, is positioned at the corner of the 16th Street Mall and Champa Street, which boasts one of the CBD’s densest daytime populations with more than 132,000 employees and approximately 35,000 daily pedestrians. Tenants and visitors benefit from walkable access to an abundant retail and entertainment amenity base as well as the 16th Street Free Mall ride and the light rail stop at 16th and California, just one block from the property. Built in 1906, The George was designed by the New York firm of Hunt & Hunt and was one of the first steel-framed buildings in Denver.
