W.W. Reynolds Lands Refi for Denver Office Portfolio
- Mar 12, 2018
The W.W. Reynolds Cos. has received a $48 million loan to refinance a three-building office portfolio in Boulder, Colo., totaling 159,778 square feet.
HFF represented the company in the refinancing by securing the 12-year, sub 4.0 percent, fixed-rate loan through MetLife Real Estate Investments.
“Capital sources like Boulder. We saw tremendous lender interest in this financing request given the opportunity to add three downtown Boulder assets to a lenders portfolio,” Leon McBroom, HFF’s director, told Commercial Property Executive. “The property’s fundamentals and the strength and success of WW Reynolds, a native Boulder developer and owner, drove interest even further.”
Located in downtown Boulder, the three properties consist of the Wencel Building at 1301 Walnut St., the historic Colorado building at 1919 14th St., as well as James at 1916-1922 16th St.
The Colorado and James buildings underwent renovations in 2014 and 2015, respectively, while the newer Wencel Building was just completed in 2016.
According to McBroom, loan proceeds were used to pay off a construction loan for the Wencel Building, a conversion loan for Colorado and the refinancing of James.
“We facilitated multiple lender tours and everyone enjoyed the sweeping views of Boulder’s iconic flatirons followed by a walk down Pearl Street,” McBroom said. “The portfolio is located in the heart of the Boulder CBD.”
Combined, the properties are 96 percent leased and include a diverse tenant roster that includes companies in the technology, consulting, financial services and food and beverage industries.
The location offers great views of the Flatirons and is just one block away from the historic Pearl Street Mall. It offers a Walk Score of 97, thanks to being in walking distance of numerous restaurants, shopping, entertainment, city parks and the University of Colorado Campus.
Last month, HFF closed joint venture equity for the development of PDG Parker, a 255-unit garden-style community located in Parker, Colo. In January, HFF also provided a four-year construction loan for Platte Fifteen, a more than 150,000-square-foot mixed-use property in Denver.
Images courtesy of Yardi Matrix