Transactions Report Week Ending 04.05.19
HFF Arranges $165M Permanent Financing for Dairy Block Portfolio
Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $165 million in permanent financing for Dairy Block, Denver’s newest micro-district that celebrates the maker – a vibrant community of inspired retailers, chefs, creators and cocktail crafters – and integrates with some of the most sought after office tenants together with a highly curated boutique hotel, located in the heart of lower Downtown Denver, Colorado.
The HFF team worked on behalf of a joint venture partnership between McWHINNEY, Grand American and Sage Hospitality to secure the long-term debt with MetLife Investment Management. Loan proceeds were used to refinance the construction loan on the property.
Dairy Block consists of three components: Dairy Block office space totaling six stories and 218,660 square feet of newly built space plus a 380-space subterranean parking garage; a historic Firehouse Block containing 92,803 square feet of office and retail along Blake Street; and the 172-key Maven Hotel. The Maven Hotel is an eight-story onsite boutique hotel operated by Sage Hospitality that features the 175-seat restaurant Kachina Cantina along with the Poka Lola Social Club. This award-winning project encompasses an entire city block between Wazee, Blake, 18th and 19th Streets in LoDo and features Denver’s first activated pedestrian alley, which is a unique aspect of the development that provides tenants of the office space and hotel guests an amenity base and experience unlike anything else in Downtown Denver. Dairy Block is conveniently located two blocks from Denver Union Station and one block from Coors Field at the epicenter of Denver’s transportation corridor.
The HFF debt placement team representing the borrower included senior managing director Eric Tupler and director Brock Yaffe.
“HFF really delivered for our partnership on this transaction. We are quite pleased with this execution for the refinance of Dairy Block, as we were able to procure excellent financial terms and structure coupled with a 15-year loan term, which perfectly aligns with our long-term hold strategy on this dynamic, core, A+ asset,” said Joshua Kane, senior vice president of McWHINNEY.
NorthMarq’s Denver Office Arranges $1.239M Permanent Financing for Park View Apartments in Gunnison
NorthMarq’s Denver office arranged permanent financing of $1,239,000 for Park View Apartments located at 213 North Loveland Street in Gunnison, Colorado. Renovated in 1979, the property totals 23 units in five buildings, including one with a two-car garage.
Mark Jeffries, vice president, arranged the non-recourse financing for the borrower on a 20-year term and 70 percent LTV.
Three 4-unit Multifamily Properties Sell for $2.45M
Nexus Commercial Realty, LLC has closed on the sale of 1420, 1430 & 1470 S. Ash St., Denver, three 4-unit properties for the sale price of $2,450,000. Sean Holamon and Austin Smith of Nexus represented the Seller, South Ash Llc, along with Tim Shunta of National Realty Advisors, LLC.
The three properties, all on the same block, total 12 units. All the units are large 2 bed/1 bath units. Each unit had separate washers and dryers. The buildings had been kept in immaculate condition by the sellers and were mechanically sound.
The South Ash fourplexes are located just east of S Colorado Boulevard between E Arkansas Ave and E Florida Ave. They are located just south of the of the old Colorado Department of Transportation headquarters.
“The buyers are inheriting three beautiful buildings with clean units and should have no problem raising the rents and continuing to successfully operate the properties for the tenants,” said Sean Holamon of Nexus Commercial Realty, LLC.
The LeClaire Group of Marcus & Millichap Sells Henderson RV & Mini Storage in Henderson
The LeClaire Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Henderson RV & Mini Storage, a 717 unit storage facility located in Henderson, Colorado. The sale price was not disclosed.
Thomas Parsons, Investment associate, and Adam Schlosser, senior vice president Investments, had the exclusive listing to market the property on behalf of the seller. “RV & boat storage facilities are a product type that used to be overlooked by national buyers, but not anymore. Henderson RV & Mini Storage attracted multiple offers from out of state investors which speaks to the qualities of this asset and the desirability of RV & boat storage facilities,” said Parsons, listing broker.
Henderson RV & Mini Storage is a self storage and RV/boat storage facility located on 11 acres in Henderson. The property has 268 units of storage and 449 uncovered parking spaces for RV and boats. The property is located 17 miles northeast of downtown Denver on E 124th Ave and is visible from Highway 85. Amenities include 24-hour video surveillance, on-site managers apartment, and a keypad-controlled access gate.
Sheldon-Gold Realty Inc. Announces the Following Sales and Leases
Sales: Legacy Equity Group LLC purchased a 1,836-square-foot office condominium at 6492 S. Quebec St., Centennial CO for $235,000. The Seller was Jimmy R. Williams. The Seller was represented by Eric Gold and George Moseley of Sheldon-Gold
Realty Inc. The Buyer was represented by Kimberly Lefever of Re/Max Professionals.
Leases: Tucker Albin & Associates leased 5,648 square feet of office space at 3190 S. Vaughn Way, Suite 510, Aurora. The landlord was represented by Billy Woodward of Transwestern. The tenant was represented by Eric Gold of Sheldon-Gold Realty Inc.
Calliope Music Studio leased 3,734 square feet of office space at 2600 S. Parker Rd., Suite 7-170, Aurora. The landlord was unrepresented. The tenant was represented by Eric Gold of Sheldon-Gold Realty Inc.
Demand Construction leased 3,282 square feet of office space at 9781 S. Meridian Blvd., Suite 240, Englewood. The landlord was represented by Lindsay Gilbert of CBRE. The tenant was represented by Eric Gold of Sheldon-Gold Realty Inc.