Uptown Denver Tower Lands $54M Bridge Loan
- Mar 09, 2021
An entity owned by funds managed by Westport Capital Partners has received a $54 million refinancing loan for 1660 Linc, a 31-story skyscraper in Uptown Denver. JLL Capital Markets worked on behalf of the owner to secure the loan for the 298,888-square-foot, Class A property.
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Benefit Street Partners provided the four-year, bridge loan with a one-year extension option. According to CommercialEdge, the owner picked up the asset in 2018, for $67.2 million.
Built in 1972, 1660 Linc is LEED Gold certified. The property underwent renovations in 2016 and 2019-2020, at a total cost of $19 million. The upgrades included the addition of a new central plant and HVAC system, the expansion of the lobby and a reimagined, sky-lit entrance. The property comprises 425 parking spaces across levels 3-11, an 8,800-square-foot tenant lounge, a game room, a bar and a gym. Floorplates have an average footprint of 14,853 square feet.
The tower rises at 1660 Lincoln St., between Metropolitan State University and City Park. Adjacent to Denver’s CBD, the 0.5-acre site is less than 1.5 miles east of Interstate 25. At the time of the deal, the tenant roster included Ciancio Ciancio Brown P.C., United States Meat Export Federation, as well as a number of small start-ups.
Managing Director Leon McBroom led the JLL team that closed the deal on behalf of the borrower. In March 2020, McBroom was also part of another Denver-area refinancing of a three-building office portfolio. The 234,000-square-foot One Boulder Plaza landed a nearly $70 million, five-year loan.
Last February, another entity owned by Westport landed a $51 million refinancing loan for a three-building creative office property in downtown Portland, Ore. Listed on the National Register of Historic Places, the ensemble dubbed Historic Bank Block includes the city’s first skyscraper.