Market Station Refinanced for $130M
Market Station, a newly built, Class A mixed-use project totaling 339,494 square feet in Denver’s LoDo, has been refinanced for $130 million, according to JLL.
The borrower, a joint venture between Continuum Partners, LLC and Clarion Partners, LLC, to secure the 12-year, fixed-rate loan through a life company correspondent lender.
“It has been gratifying to see the depth of market interest in the Market Station financing,” said Mark Falcone, founder and chief executive officer of Continuum Partners. “Market Station is a landmark asset, which adds a significant new market driver into the heart of the LoDo neighborhood. We love this location — it is no accident that it is literally across the street from Continuum’s very first development, 16 Market Square.”
Completed in 2021, Market Station is one of Denver’s premier mixed-use developments offering 225 multi-housing units within two residential concepts, Fourteen45 and The Flats; approximately 126,000 square feet of Class A office space that is 70% leased; 52,000 square feet of BASECAMP retail and 320 mechanically stacked parking stalls. The property combines urban living space within studio, one- and two-bedroom units with best-in-class amenities, including a fitness center, two clubhouses, a rooftop terrace with pool and grills, outdoor dog runs and dog washing stations. The BASECAMP retail portion wraps around the entire property and is a collective of like-minded retailers who share a passion for the outdoors with traditional retail concepts in the mix.
Market Station occupies an entire city block just steps from the 16th Street Mall, which is the busiest pedestrian corridor in the city seeing more than 20,000 pedestrians each day. Boasting a Transit Score® of 100, the property is also just a few blocks from Union Station and public transit options offering connectivity to the entire Denver metropolitan region as well as the Cherry Creek Trail, a network of biking trails throughout the city.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Eric Tupler and Director William Haass.
“The JLL team is thrilled to continue our involvement in such a special and unique core asset,” commented Tupler. “When Continuum first reached out to our team to arrange the JV equity, we knew the project would be a best-in-class property for Denver and the lender interest in this financing is further confirmation.”