Wewatta & Wynkoop Refinance Two Denver Office Buildings for $74M
- Feb 06, 2013
Wewatta & Wynkoop PT L.L.C., a GE Asset Management and Crestone Partners managed entity, has secured a $74 million loan to refinance 1400 Wewatta and 1401 Wynkoop, two Class A contiguous office buildings totaling approximately 300,000 square feet in downtown Denver, Col.
HFF arranged the permanent loan through a national life insurance company correspondent lender.
“The ability to have HFF act as our exclusive advisor was invaluable,” Bob Flynn, principal of Crestone Partners, said in a prepared statement. “The process was well organized and allowed us to fully evaluate market options and ultimately achieve the best pricing and terms in the market.”
Connected by a sky bridge, 1400 Wewatta is a nine-story, 202,000-plus-square-foot property with ground floor retail and 1401 Wynkoop is a 10-story, 98,000-plus-square-foot office building with ground floor retail and residential condominiums on the top four floors (the condos are not part of the collateral). The properties also share a 468-space parking garage.
Located on Cherry Creek at Speer and Wewatta, the two buildings are situated on approximately two acres in Lower Downtown Denver (LoDo), close to the Pepsi Center, Coors Field, Invesco Field, Denver Center for Performing Arts and the Colorado Convention Center. The property is also close to Denver’s Union Station, Light Rail and the 16th Street Mall Shuttle.
Together, 1400 Wewatta and 1401 Wynkoop are leased to tenants including Chipotle Mexican Grill, Inc. (World Headquarters), Kilpatrick, Townsend & Stockton, L.L.C., Dorsey & Whitney L.L.P., Milliman and George K. Baum & Co.
The property has a LEED Core and Shell Silver Rating.
The HFF team representing the borrower was led by Eric Tupler, Josh Simon and Jake Young, all located in the HFF’s Denver office.