T3 RiNo Financed with Green Construction Loan
Co-developers, Hines, Ivanhoé Cambridge and McCaffery, recently secured a $91M green construction loan for their T3 RiNo project. Construction of T3 RiNo began in November 2021 and is slated to be complete in fall 2023. The 235,000-square-foot office building is designed to meet the newest and most innovative standards of efficiency and design.
“Hines strives to be an industry leader in sustainability, and we are thrilled this green loan will support T3 RiNo in its mission to meticulously incorporate progressive environmental and economic solutions, from concept to development,” said Alexandra Morton, director at Hines. “Our continued collaboration with Ivanhoé Cambridge demonstrates a shared commitment to ensuring not only great financial performance for our investors but also a positive impact on communities where we invest.”
The loan is aligned with the Green Loan Principles as established by the Asia Pacific Loan Market Association, the Loan Market Association and the Loan Syndications and Trading Association as of February 2021, which outline project requirements to maintain tracking towards LEED certification throughout the life of the loan.
Ivanhoé Cambridge and Hines have partnered over the last 18 years in developing some of the world’s most iconic and city-defining projects, and T3 RiNo’s Green Construction Loan follows two other Green Construction Loans for Hines and Ivanhoé Cambridge partnerships – CIBC SQUARE 141 Bay in Toronto and Corporativo Neuchâtel in Mexico City.
“Financing T3 RiNo with a green construction loan is yet another testimony of how we incorporate environmental, social and governance (ESG) factors into all aspects of our projects,” said Guenhaëlle Surpas-Lemonnier, vice-president, Legal Affairs, Corporate Services & Capital markets at Ivanhoé Cambridge. “Creating a more sustainable future means we need to use all the tools at our disposal, including financial tools. We believe the finance sector has a key role to play as we face climate change, and we are driving green finance innovation forward in our industry.”
T3 RiNo is designed to attain a LEED® Gold certification for the protection of the environment and limitation of carbon emissions. Additional certifications the property is expected to achieve include WiredScore Platinum for adaptability of infrastructure to future technological advancements, WELL™ for the health of its interiors and ENERGY STAR for energy efficiency.
“McCaffery is proud to partner with Hines and Ivanhoe Cambridge on T3RiNo. Our collaborative commitment to develop a project that promotes sustainable practices, as advocated by these exemplary certification organizations, will deliver both a solid and sustainable built environment for decades to come,” said McCaffery’s President, Ed Woodbury.
A six-story, 235,000-square-foot T3 (Timber, Transit and Technology) office building in Denver’s River North Art District (RiNo), T3 RiNo will be one of the most environmentally friendly and sustainable developments in Denver. Featuring a carbon-negative heavy timber building structure, the building will benefit from new technologies that optimize the effectiveness of improving indoor air quality (IAQ), natural lighting, surface decontamination, behavioral patterns of physical distancing, as well as the performance and satisfaction of employees. To encourage lower impact commuting options, T3 will provide convenient access to the RTD commuter rail system, bike storage for 100 bikes, designated rideshare pickup, and walkability from 3,000 apartment units in the immediate area.
The building’s extensive amenities will establish T3 RiNo as the city’s most creative work environment, one designed to attract and retain the talent that today’s leading companies seek. Designed to foster creativity, collaboration and work/life balance, offerings include hospitality-driven common areas, private outdoor terraces on each floor that seamlessly integrate the outdoors into tenant workspaces, 17,000 square feet of retail space and a 5,000 square-foot fitness center that is complimentary for tenants.