HFF Arranges $110M for Denver Mixed-Use Project
- Oct 12, 2018
Continuum Partners LLC has received $110 million in financing for A Block, a 310,055-square-foot mixed-use development in Denver. HFF facilitated a floating-rate loan with a national bank. The money will be utilized to retire the existing construction financing, which HFF had placed three years ago.
Built last year, A Block sits on a little less than one acre with the office building located at 1881 16th St., and the hotel located at 1600 Wewatta St. The property is right in the middle of the Denver Union Station urban redevelopment project. That puts it directly on the rail platform, adjacent to the RTD Commuter Rail transit platform that connects downtown to Denver International Airport.
The property consists of a five-story, 54,976-square-foot, Class A office building with ground-level retail space; and a separate 12-story, 200-key Kimpton Hotel Born. There’s also a 197-space parking garage.
The office building, currently fully occupied, features roughly 8,000 square feet of ground-floor retail leased to national tenants.
The Kimpton Hotel Born boasts 13,937 square feet of flexible meeting space, a fitness center, business center, ground-floor retail space, a Citizen Rail Restaurant in the hotel lobby and another food option in Tavernetta.
HFF’s debt placement team included senior managing director Eric Tupler, director Leon McBroom and associate Tyler Dumon.
There’s been a lot of activity in Denver’s office market this year. In March, after two decades of multiple design iterations, 1144 Fifteenth was completed, becoming the city’s first Class A office tower in more than three decades. In September, a joint venture partner on the development of the 2 million-square-foot Gaylord Rockies Resort & Convention Center in Aurora, Colo., inked a deal to sell its interest in the $824 million Denver-area hotel project to Ryman Hospitality Properties Inc. and RIDA Development Corp., for $270 million.
Image courtesy of Continuum Partners