Denver Capitol Hill Projects Get $25M in Financing
- Oct 31, 2019
LCP Development has obtained $25.4 million in construction and bridge financing for the renovation of 777 Grant Street and the development of 757 Grant Street in Denver, Colo.
JLL worked on behalf of the borrower to secure the three-year construction and bridge loan from Bank OZK, per Yardi Matrix data. The owner also received $1.1 million through Colorado’s C-PACE Program to finance energy-efficient improvements at the existing property.
The developer intends to renovate and reposition 777 Grant Street, a Class B, 77,365-square foot office building dating from 1972. The adjacent 757 Grant Street will be a four-story, 68-unit community atop a four-story parking garage. Brinkman Construction will build and Open Studio Architecture will design the two projects totaling 190,409 square feet.
Sitting at the intersection of 8th Avenue and Grant Street in the Capitol Hill neighborhood, the 1-acre property encompassing the two developments one mile south of Capitol City Park. The surrounding area boasts numerous shopping, dining and entertainment venues.
Two projects take shape
Once renovated, the six-story 777 Grant will be a Class A asset with 11,000-square-foot floor plates. Amenities will include an executive conference room, a new fitness center, bike and storage space as well as 138 parking spaces. The C-PACE financing will fund the HVAC unit and water heater replacement, LED interior lighting installation and plumbing upgrades.
The four-story 757 Grant will offer 68 studios to residents seeking smaller accommodations. Common-area amenities will feature a community room, fitness center and rooftop deck with lounge seating. The parking structure below will have 215 spaces.
JLL Senior Directors Leon McBroom and Kristian Lichtenfels led the Capital Markets team which represented the borrower in the transaction. McBroom was also part of the debt placing team that secured a $10.2 million refinancing for 2nd and Clayton. The 18,460-square-foot office and retail property is roughly 2 miles southeast of 777 Grant Street.