$15.464 million financing arrangedy by HFF for industrial warehouse in Denver’s RiNo district
DENVER, CO – May 23, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $15.464 million in bridge and construction financing for 2323 Delgany, an 83,133-square-foot, 100-percent-leased industrial warehouse located in Denver’s River North (RiNo) District.
HFF worked exclusively on behalf of the borrower, a joint venture between EverWest Real Estate Partners (EverWest) and WHI Real Estate Partners L.P., to secure the fixed- to floating-rate loan through First National Denver, a division of the First National Bank of Santa Fe. The initial fixed-rate loan funding will be allocated toward the acquisition of the property and the future floating-rate funding will be used to facilitate the conversion to creative office space.
Situated on 3.46 acres, 2323 Delgany is strategically located along the northwestern border of Denver’s central business district at the corner of Delgany and Park Avenue in the rapidly redeveloping RiNo mixed-use neighborhood. Additionally, Denver’s newly-renovated Union Station, Coors Field, The Colorado Convention Center and Interstate 25 are within a mile of the property. Originally constructed in 1975 as a Twin-T industrial warehouse, the borrower plans to convert the asset to a creative office property as tenant leases expire in 2017.
The HFF debt placement team was led by associate director Leon McBroom and senior managing director Eric Tupler
“We are pleased to complete this financing as it will significantly enhance our ability to successfully reposition this asset,” said EverWest’s Paul Andrews.
“First National is proud to have been of service to two very valued clients and appreciates the opportunity,” added Jonathan Smith, executive vice president of First National.
About EverWest Real Estate Partners, LLC
EverWest Real Estate Partners, LLC, headquartered in Denver, Colorado, is a privately held real estate investment management and operating company, creating significant capital appreciation for investors through strategic acquisition, development, capitalization, repositioning and management of commercial real estate assets.
About WHI Real Estate Partners L.P.
WHI Real Estate Partners L.P. (“WHIREP”) is a Chicago-based real estate investment manager established in 2007. WHIREP sponsors real estate private equity funds and co-investment vehicles formed to make opportunistic investments in commercial real estate equity and debt throughout the United States, and through such vehicles, the firm has made investments across a broad spectrum of property classes and geographies, both directly and through joint ventures. WHIREP’s investors include university endowments, pension plans, foundations and family offices.
About First National Denver
First National Denver is a division of First National Bank of Santa Fe. Chartered in 1870 as the first bank in the southwest, First National Bank of Santa Fe has a rich heritage of community commitment and financial strength and stability. With $1.7 billion in assets (as of March 31, 2016), First National is the largest locally chartered banking organization in the state of New Mexico operating as First National Rio Grande and First National Santa Fe. In Colorado, the bank operates as First National Denver. To learn more, visit www.firstnationaldenver.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.