1400 Wewatta St. & 1401 Wynkoop St. Picture courtesy of JLL
Crestone Companions has secured a $66 million refinance for 2 interconnected Class A workplace buildings encompassing 279,188 sq. ft of area in Denver’s LoDo submarket.
JLL Capital Markets made preparations on behalf of the borrower. Allianz International Traders originated the fixed-rate, five-year mortgage, Denver County public information present.
The LEED Gold-certified property is at present 95 p.c occupied by 13 tenants, together with Heritage Title Firm, UMB Financial institution, Gallagher Industries and others, CommercialEdge information reveals. The property has outperformed its opponents within the LoDo space for common rents, occupancy and the standard of the tenant credit score, famous Crestone Companions’ Principal Bob Flynn, in ready remarks.
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Positioned at 1400 Wewatta St. and at 1401 Wynkoop St., the two-building property options 4 passenger elevators, 27,000-square-foot floorplates, 25,188 sq. ft of retail area and a complete of 467 parking spots. The 9 and 10-story buildings are linked by means of a third-floor out of doors common-area terrace, in addition to by means of a sky bridge, positioned on the fourth ground. Different tenant facilities embody a health heart and personal terraces.
Located on an roughly 4-acre lot, the asset is near Interstate 25 and to a number of bus and prepare stations, together with Union Station, 4 miles from the town’s Cherry Creek neighborhood, 15 miles from Aurora, Colo., and inside 20 miles of Denver Worldwide Airport.
Latest mixed-use initiatives
Flynn together with Vice President of Property and Development Providers Heidi McKernan, Principals Garth Tait and Dave Meares represented Crestone Companions in-house, with the help of the JLL Capital Markets workforce of Senior Managing Director Eric Tupler and Director Kevin Barron. JLL’s Tupler additionally assisted Continuum Companions in April, in securing a $23 million refinancing for a mixed-use growth in Denver. The mortgage, originated by means of HTLF, will probably be used for a 60,000-square-foot part of A Block, a Class A, $120 million mixed-use growth comprising lodge, workplace and retail area.
In November 2022, Broe Actual Property Group introduced plans to develop 250 Clayton, a mixed-use venture in Denver’s Cherry Creek Hill district. With building anticipated to start out in late 2023, the venture consists of 175,000 sq. ft of workplace and retail area.
