JLL secures $40.5 million refinancing for Denver-area office complex

Ptarmigan at Cherry Creek office property, 3773 Cherry Creek North Drive, Denver, CO

DENVER, CO – JLL announced it has secured a $40.5 million refinancing for Ptarmigan at Cherry Creek, a two-building office property totaling 435,011 square feet in the Cherry Creek submarket of Denver, Colorado.

Josh Simon

JLL worked on behalf of the borrower, a joint venture between Titan Investments and Hamilton Partners, to secure the seven-year, 3.51% fixed-rate loan with a correspondent insurance company lender.  

The loan was structured with full-term, interest-only amortization and flexible prepayment.

Ptarmigan at Cherry Creek comprises two, 10-story, octagon-shaped buildings that are currently 88% leased to a diverse mix of tenants in the financial services, legal and professional services industries.  

The Energy Star and LEED Silver-rated buildings feature suites averaging 6,969 square feet each, a newly renovated lobby and plaza, fitness center with showers and lockers, common conference and training facilities, on-site property management and panoramic views of the Rocky Mountains. 

 Located on 5.44 acres at 3773 Cherry Creek North Drive, the properties are positioned within one of the most amenity rich submarkets in the Denver metro-area with more than one million square feet of retail within walking distance, including Cherry Creek Athletic Club, Cherry Creek Shopping Center, Whole Foods and SuperTarget. 

Cherry Creek Neighborhood, Denver, CO

 Additionally, Ptarmigan at Cherry Creek is convenient to Interstates 25 and 70 connecting the property to Downtown Denver just 15 minutes away as well as the Greater Denver metro area.

The JLL Capital Markets team representing the borrower was led by Managing Director Josh Simon.

  

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Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.                                                                                              

  

Contact: 

Kristen Murphy, JLL Director, Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com