HFF arranges $89.5 million construction loan on behalf of Continuum Partners for A Block @ Union Station in Denver
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged an $89.5 million construction loan for A Block @ Union Station, a 310,055-square-foot, hotel, office and retail mixed-use development in Denver’s Union Station neighborhood.
Continuum Partners, LLC worked with HFF to place the four-year construction loan with Wells Fargo and CrossHarbor Capital Partners. Continuum also raised $14.5 million in equity from more than 20 investors in addition to contributing the land to the project.
A Block @ Union Station broke ground in April 2015 and upon completion in November 2016, will feature a 12-story, 200-room hotel managed by Kimpton; a five-story, 45,458-square-foot office building along with approximately 13,000 square feet of retail/restaurant space; and a 197-space subterranean parking garage with 100 spaces dedicated to public parking. The boutique hotel will have 9,000 square feet of meeting space, a 110-seat Kimpton restaurant and a 201-seat signature restaurant that will be announced soon. The office property will connect to the hotel via a third floor skybridge and will have opportunities for signage for multiple tenants. Both properties will have ground floor retail with Bank of America already under lease for 3,496 square feet of space. A Block @ Union Station is located at the corner of 16th and Wewatta Streets directly adjacent to the RTD Commuter Rail Transit Platform that will soon have direct rail service to Denver International Airport. This places the property within the Union Station urban redevelopment project in Denver’s LoDo and Central Platte Valley submarkets.
“Continuum Partners has been at the center of the entire Union Station Redevelopment project since it began in 2005. This financing allows one of the most iconic development sites in the neighborhood to move forward," said Mark Falcone, CEO and Founder of Continuum Partners.
The HFF debt placement team was led by senior managing director Eric Tupler and associate director Leon McBroom.
“The Union Station urban redevelopment project is perhaps the most highly anticipated and transformative event to occur in Denver’s core in the past century, and once complete 200,000 trips per day are expected out of the station, with A Block at the center of it all,” said Tupler.
About Continuum Partners
Continuum Partners was established in Denver, Colorado in 1997 with a deliberate mission: to create sustainable human habitats of extraordinary character and enduring value. In the brief period of time since its inception, Continuum Partners has established itself as a leader nationally of mixed-use, large-scale projects. Continuum has built a strong reputation for taking on large scale mixed use projects such as Belmar and the Union Station Transportation Center. Earlier this year it closed on the 26 acre former University of Colorado Hospital site in Denver where it is planning another large-scale, multi-use neighborhood development.
To learn more please visit: www.continuumpartners.com.
About CrossHarbor Capital Partners LLC
CrossHarbor Capital Partners LLC is a Boston-based alternative investment management firm that invests in core-plus, value-add and opportunistic commercial real estate transactions. The firm seeks short and medium duration debt and equity investments that offer a compelling case for generating high absolute returns. CrossHarbor emphasizes investment strategies rooted in property-level operational enhancements as well as those with pricing advantages that arise from distressed, complex, and dislocated scenarios. CrossHarbor was founded in 1993 by Samuel T. Byrne and William H. Kremer and has invested in more than $12 billion of commercial real estate on behalf of a diversified and highly regarded group of endowments, foundations, public and corporate pension plans, financial institutions, family offices and sovereign entities. For more information, visit www.crossharborcapital.com
HFF (Holliday Fenoglio Fowler, L.P.) 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.