$23.665 million financing arranged by HFF for Market Center in downtown Denver
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $23.665 million in financing for Market Center, a mixed-use office and retail property totaling 120,736 square feet in downtown Denver.
HFF worked on behalf of the borrower, a joint venture between Urban Renaissance Group, Stars Investments and City Street Investors, to secure the floating-rate financing through First National Denver. The 36-month loan has two 12-month extension options and was used to acquire the asset, which HFF marketed to the borrower in September 2015.
Market Center is located on the corner of 17th and Market Streets in Denver’s Lower Downtown (LoDo) submarket providing immediate access to numerous retail, entertainment and dining amenities. In addition, the transit-oriented property is four blocks from Denver’s Union Station and is near Broadway Street, a major thoroughfare in the central business district. Originally constructed between 1872 and 1902 and renovated most recently in 2014, the three- and four-story property encompasses five buildings offering a variety of creative office space totaling 84,515 square feet situated above 36,221 square feet of street- and garden-level retail.
HFF’s debt placement team was led by associate director Leon McBroom and senior managing director Eric Tupler. Dave Lederhos with First National Denver represented the lender in the transaction.
“The building’s LoDo location and strong submarket metrics combined with ownership’s business plan attracted a wide array of lenders; the financing request received interest from local and national banks, debt funds and life insurance companies,” McBroom said.
About Urban Renaissance Group
Urban Renaissance Group, LLC is a Seattle-based, full-service commercial real estate company, engaged in acquisitions, development, asset management, property management and ownership in Seattle, Bellevue, Denver and Portland. The strategic premise of the Urban Renaissance Group is that the form of the American City will change dramatically during the next 20 years. Urban Renaissance Group acts as a catalyst that understands and ignites that change, thereby generating superior returns for its investors, as well as opportunities for its partners and employees. Learn more at www.urbanrengroup.com.
About Stars Investments
Stars Investments was established in 2009 with a focus on long-term conservative and diversified investments. Stars Investments’ real estate division is focused on income-producing real estate investments in the Americas and Europe. It has been a majority equity partner in commercial real estate in the United States and the United Kingdom totaling approximately 1.3 million square feet.
About City Street Investors
City Street Investors, led by Pat McHenry, has been investing in Denver-area neighborhoods for two decades with properties in the Highlands, LOHI, Congress Park, Cherry Creek, North Country Club, South Broadway, Montclair and Lowry. Their projects have won awards from Historic Denver, Denver’s Mayor’s Design Awards, Downtown Denver Partnership, Westword and 5280 Magazine. While City Street’s collection of investments emphasizes retail, it also includes office in conjunction with mixed-use properties, multifamily residential, self storage, hotel and numerous restaurant investments.
City Street Investors’ most recent place-making project was the renovation of the historic Union Station where Pat and her partners curated a strictly Colorado-based line-up of amazing retailers and restaurateurs, and created five of the food and beverage venues, including the Terminal Bar and the Cooper Lounge. City Street Investors and their principals possess an expertise in strategic retail leasing in redeveloped, ground-floor space and creating a synergetic retail atmosphere.
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.