 |
| Heidi McKernan |
DENVER, CO -- JLL Capital Markets
has arranged a $66 million refinancing for 1400 Wewatta and 1401 Wynkoop, two
interconnected, Class A office towers in Denver’s LoDo submarket.
JLL
represented the borrower and operator, Crestone Partners, respectively, to
secure the five-year, fixed-rate loan through an international correspondent
life insurance company.
 |
| Bob Flynn |
Crestone Partners was represented by Bob Flynn,
Garth Tait, Dave Meares and Heidi McKernan.
“This
very high-quality and strategically well-located office asset has historically
outperformed the vast majority of our LoDo competition in occupancy, average
lease rates, tenant credit quality and rate of retention at rollover,” Flynn
said.
“JLL’s highly skilled and professional team provided
us with a number of viable refinancing alternatives in an increasingly
challenging debt market.”
The
JLL Capital Markets team representing the borrower was led by Senior Managing
Director Eric Tupler and Director Kevin Barron.
 |
| Garth Tait |
“1400
Wewatta and 1401 Wynkoop offer what today’s tenants are seeking; a modern
office space with access to the outdoors, on-site amenities and an exceptional
amenity base surrounding the property,” Tupler added.
“The combination of the physical real estate and
location has allowed the property to greatly outperform the market.”
1400
Wewatta and 1401 Wynkoop offer 279,188 square feet of office space that is
94.52% leased to 13 diversified tenants.
In addition, there is 25,188 square feet of ground
floor retail space at the property and a
467-space parking garage on the first and second floors.
 |
| Dave Meares |
The two towers are
connected by a third-floor community outdoor terrace and a sky bridge on the
fourth floor.
On-site amenities include private terraces in some
offices, a fitness center and secure bike storage.
The
two-tower property is positioned on a 3.52-acre site in LoDo, directly between
Union Station and the Cherry Creek Trail.
In addition to
the convenient train and bike trail access, 1400 Wewatta and 1401 Wynkoop are
also close to Interstate 25, providing vehicular access to the broader Denver
metropolitan area.
 |
| Eric Tupler |
LoDo is a highly amenitized neighborhood, offering a
wide variety of retailers, dining options and entertainment attractions, as
well as access to many nearby employers.
JLL Capital Markets
is a full-service global provider of capital solutions for real estate
investors and occupiers.
The firm's in-depth local market and global investor
knowledge delivers the best-in-class solutions for clients — whether investment
sales and advisory, debt advisory, equity advisory or a recapitalization.
 |
| Kevin Barron |
The firm has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news,
videos and research resources, please visit JLL’s newsroom.
Founded in 2006,
Crestone Partners is an owner and manager of Class-A office and mixed–use real
estate projects in the Denver metropolitan area. The firm’s three founding
principals collectively have over ninety years’ experience in acquiring,
repositioning, managing and selling complex assets.
Contact:
Kristen Murphy,
JLL Director,
Public Relations
Phone: +1 617 543 4873
Email: Kristen.Murphy@jll.com
jll.com.
