Refinancing Arranged for Denver’s Largest Shopping Mall
- Aug 14, 2015
By Ioana Neamt, Associate Editor
HFF has recently arranged joint venture equity and financing for the largest shopping center in downtown Denver.
Working on behalf of Gart Properties LLC, HFF has arranged a joint venture equity partnership with MetLife Real Estate Investors for the recapitalization of Denver Pavilions. HFF also placed a ten-year, fixed-rate loan for the partnership with Hartford, Ct.-based Cornerstone Real Estate Advisers.
The 351,347-square-foot Denver Pavilions incorporates a blend of entertainment, dining and retail attractions and is 95 percent leased. The open-air mall is home to a flagship H&M store, Hard Rock Café, Banana Republic, Coyote Ugly Saloon and Barnes & Noble, as well as a newly renovated United Artists theater. The three-story mall covers two half-city blocks and also features a 797-stall, two-story underground parking garage.
Located at 500 16th St. between Welton St. and Tremont Place, Denver Pavilions is within walking distance from the Colorado State Capitol, the Colorado Convention Center, the Denver Center for the Performing Arts and Civic Center Park.
“This deal, among other recent transactions in Denver, underscores the emergence of Denver as a top-tier city for global retailers and investors alike,” said Mark Sidell, president of Gart Properties in a prepared statement.
The HFF equity placement team was led by managing directors Mary Sullivan and John Jugl, while the debt placement team was led by senior managing director Eric Tupler.
Image courtesy of Denver Pavilions’ Facebook page