HFF Secures $32M Refinancing for Downtown Denver Creative Office Development
Denver, CO –Holliday Fenoglio Fowler, L.P. (HFF) recently announced that it has secured a $32 million refinancing for INDUSTRY, a 151,500-square-foot creative office development within the River North (“RiNo”) submarket of downtown Denver.
Working on behalf of the borrowers, Industry Founders and Clarion Partners as advisor to a commingled fund managed by the firm, HFF placed the seven-year, fixed-rate loan with a life insurance company.
INDUSTRY is located at 3001 Brighton Boulevard at the intersection of 29th Street in the RiNo submarket, which is immediately north of downtown Denver’s LoDo district, bounded by Interstates 70 and 25 and Park Avenue. Historically, the RiNo area has consisted of warehouse and industrial properties, however, it has more recently become home to an increasing concentration of creative businesses, art galleries, microbreweries, restaurants and Class A loft conversions, providing a broad amenity base for the property.
Additionally, INDUSTRY is located just over a half mile from the newly-opened light rail station at 38th and Blake. The circa 1939 former produce depot now features creative office space blended with communal amenities, including shared conference and breakout rooms, communal kitchens, a central amphitheatre and a collaborative café, in addition to three restaurants on site. INDUSTRY is 97.7 percent leased to a mix of office, retail and restaurant tenants, including CorePower Yoga, Booyah Marketing and Uber.
The HFF debt placement team representing the borrower was led by managing director Josh Simon, associate director Kristian Lichtenfels and senior managing director Riaz Cassum.
Image courtesy of HFF