Denver Portfolio Buyer Lands $82M Financing
- Feb 24, 2020
A partnership between ScanlanKemperBard and Harbert Management Corp. has obtained an $81.8 million acquisition and development loan for an 11-building portfolio at 3800 Steele St. within an Opportunity Zone in Denver. Granite Point Mortgage Trust provided the three-year bridge financing, which carries a variable interest rate and two one-year extension options. JLL secured the loan on behalf of the buyer.
A joint venture between Downtown Property Services and a private investor sold the buildings for $70.5 million, according to public records. The portfolio encompasses 452,014 square feet of industrial, flex and office space. The new owner plans to begin capital improvements with the loan proceeds. The structures, developed between 1940 and 1943, were last updated in 2000.
3800 Steele Street is roughly 4 miles from downtown Denver and 1 mile from the junction between York Street and Interstate 70. The site is near the 39th Avenue Greenway project, a $300 million public development set to add 12 acres of green space, including a new walking and biking trail, between Steele and Franklin streets.
The JLL Capital Markets team included Senior Managing Director Tom Wilson, Senior Director Leon McBroom and Analyst Christopher DuCharm. In December, McBroom secured $51 million in financing for the buyer of a nearly 260,000-square-foot office property in the Denver suburb of Greenwood Village, Colo.