Three Denver Mixed-use Properties plus Adjacent Development Site Sells $46.5M
Denver, CO – Holliday Fenoglio Fowler, L.P. (HFF) recently arranged $46.55 million in two separate financings for the Platte Street Portfolio, three Class A mixed-use assets and an adjacent office development site along Platte Street in Denver, Colorado.
HFF worked on behalf of the borrower, Unico Properties, Inc., to secure the two three-year, floating-rate loans through a bank. Loan proceeds were used to refinance the three existing properties and provide construction financing for the office development.
The three existing turn-of-the-century properties, 1537 Platte, Root Building and Zang Building, total 102,873 square feet and feature creative office space with wood beams and exposed ceilings along with ground floor retail. A diverse mix of office tenants, along with retailers and restaurants, Colt & Gray and Sushi Sasa, among others, occupy the buildings. The 97,586-square-foot Class A office development is directly adjacent and situated across the bridge walkway from the existing buildings. The new four-and-a-half-story building will be comprised of three floors of office space above ground floor retail and a 191-stall subterranean parking garage.
The Platte Street Portfolio is situated in the Platte Valley micro-market of Denver’s central business district between some of Denver’s most desirable neighborhoods including LoHi and Lower Downtown. Boasting a Walk Score of 90, the properties are a half-mile west of Union Station and surrounded by numerous retail, dining and entertainment options. Additionally, Interstate 25, the main north south artery through Denver, is just two minutes from the properties.
HFF’s debt placement team representing the borrower was led by senior managing director Tom Wilson and associate director Leon McBroom.
Image courtesy of HFF