$145M Construction Loan Set for Denver Tower
- May 13, 2008
The Dallas office of Holliday Fenoglio Fowler L.P. has announced that it arranged a $140 million construction loan for 1800 Larimer (pictured). The building is a 496,000-square-foot Class A, Platinum LEED pre-certified office development in Denver, Colo. The 22-story office tower is slated for completion in 2010. It is approximately 70 percent pre-leased to tenants including Xcel Energy, Frederick Ross Company and Citywide Bank. HFF senior managing director Trey Morsbach and associate director Clint Corn worked exclusively on behalf of Westfield Development Partners to secure the 42-month, adjustable-rate loan through Wachovia Bank. Westfield Development Partners is the development arm of Denver-based Frederick Ross Company. The site is between 18th and 19th Streets at Larimer Street, on the edge of Denver’s Lower Downtown area. The building will feature a raised floor air distribution system, fitness center, conference room and garden terrace. CPN reported on other developments in Denver last week, including a 400-unit multi-family community slated for construction in the Central Platte Valley being developed by Trammell Crow Residential and Jupiter USA’s Dacono Gateway Centre. CPN also reported on the first quarter Apartment Research Report by Marcus and Millichap Real Estate Investment Brokerage Group which forecasts new job growth, increased rents and 30 percent more new rental units on the market this year compared to 2007 in Denver.