Large Denver-Area Industrial Portfolio Lands $73M Refi
- Jan 20, 2017
Denver—HFF recently arranged a $73 million refinancing for a 1.9 million-square-foot Class A industrial portfolio consisting of 14 distribution warehouse buildings located in Denver’s Aurora suburb.
The two 10-year fixed rate full-term interest-only loans with Nationwide Life Insurance Co. were facilitated by Kristian Lichtenfels, associate director, and Eric Tupler, senior managing director of HFF, working on behalf of the borrower, Pauls Corp. The funds were used to refinance an existing life company loan and a construction loan.
Situated on a 111.7-acre site near the confluence of interstates 70 and 225, the properties are located within 10 miles of Denver International Airport and offer easy access to the entire Denver metro area. The buildings were constructed between 1996 and 2015, range between 72,000 and 347,840 square feet, and feature clear heights between 22’ and 32’.
The properties are leased to 40 tenants, including Whole Foods Market, VWR International, Simmons Co. and MSI International.
“HFF did a wonderful job of sourcing, analyzing and executing the debt options for this industrial portfolio,” said Brian Pauls, principal of Pauls Corp., in a prepared statement. “The professional team of Eric and Kristian made our refinance process extremely efficient and productive. We are delighted with the results and appreciate the opportunity to work with such a professional team on an extremely important group of assets.”
Image Courtesy of Pauls Corp.