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| Denver Dry Goods Building, 700 16th Street, Downtown Denver, CO |
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| Leon McBroom |
DENVER, CO –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has arranged a $13 million refinancing for the
Denver Dry Goods Building, an
84,495-square-foot, fully-leased retail and office building designated as a
Historic Landmark in downtown Denver, Colorado.
HFF worked on behalf of
the borrower, Jonathan Rose Companies, to secure the 10-year, fixed-rate loan
with Unum Life Insurance Company of America.
HFF will service the loan, proceeds of which will be used to refinance
an existing loan.
Constructed in 1888, the
historic Denver Dry Goods building (Denver Dry) served as the retail heart of
downtown Denver as the city’s premier department store.
After the store closed almost 100 years after
opening, the borrower purchased the property and reimagined and redeveloped the
350,000-square-foot building into a vibrant mixed-use retail, office and
multi-housing project.
The result was space that
was subdivided into smaller condominium units, while meticulously preserving
the historic integrity of the red brick, sandstone and lime structure and
maintaining the original 18’ ceilings along the window walls and other
significant areas.
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| Kristian Lichtenfels |
The Denver Dry Goods
Building refinancing comprises four commercial condominium units on the lower,
first and second levels of the larger, mixed-use, six-story residential
commercial building.
Completed in 1889, the
building is connected via a third-floor pedestrian bridge to a 500-stall
parking structure located adjacent to the building.
Tenants include T.J. Maxx, Visit Denver
Center, Jason’s Deli, Starbucks, Denver Urban Renewal Authority, the Aveda
Institute and Yuthok Jewelry.
The Denver Dry Goods Building is situated on
1.15 acres at 700 16th Street in the heart of Denver’s CBD. The building has frontage along the 16th
Street Mall, a 1.25 mile long pedestrian and transit mall in downtown Denver,
and is exposed to more than 30,000 pedestrians daily. Additionally, the property is situated at the
inboard light rail stop and half a block away from the outbound stop.
“In 1992, Jonathan Rose’s
redevelopment of the Denver Dry was a catalytic project for the revitalization
of downtown Denver,” said Chuck Perry,
managing member of Rose Companies Management, which provides in-house property
and asset management services to Jonathan Rose Companies and its affiliates.
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| Chuck J. Perry |
“After the Denver Dry was completed, 20 other
downtown historic buildings were redeveloped with the same financing
model. It was a pleasure to work with
the HFF and UNUM teams to refinance the Denver Dry and to continue our
commitment to this project.
" HFF brought
us a significant number of financing options, and UNUM was selected as the
lender of choice with the most competitive refinancing offer.”
The HFF debt placement
team representing the borrower was led by associate directors Leon McBroom and Kristian Lichtenfels.
“Kristian and I, as
natives to Denver, feel particularly privileged to work on such a historic
asset,” McBroom said. “It’s a beautiful
building and it benefits from a compassionate ownership group that will
continue its storied history for at least another 10 years at the helm.”
For a complete copy of the company’s news release,
please contact:
Kristen Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax
617.338.2150 | www.hfflp.com
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