$54M bridge loan secured for 1660 Linc in Denver
JLL Capital Markets led financing efforts for the 31-story, Class A office building in Denver’s sought-after Uptown area
DENVER, CO – Mar. 8, 2021 – JLL Capital Markets announced today that it arranged a $54 million refinancing for 1660 Linc, a 31-story, 298,888-square-foot, Class A office building located at 1660 Lincoln St. in Denver’s popular Uptown area.
JLL worked on behalf of an entity, owned by certain funds managed by Westport Capital Partners, to secure the four-year bridge loan, with a one-year extension option, through Benefit Street Partners.
1660 Linc is a LEED Gold-certified building that was originally built in 1972. It features parking for 425 vehicles, an 8,800-square-foot tenant lounge, training room for 40+ people, a game room, coffee bar, and gym complete with yoga room and Peloton bikes. The property was renovated in 2016 and 2019-2020 with more than $19 million in renovations, including the installation of an all-new central plant and HVAC systems, a lobby expansion and conversion of the entry to an open, sky-lit space. The diverse tenant roster is comprised of firms from more than a dozen industries and includes Ciancio Ciancio Brown, P.C., United States Meat Export Federation and a number of small start-ups.
The JLL Capital Markets team representing the borrower was led by Managing Director Leon McBroom.
“1660 Linc is coming off a fresh capital plan with a brand-new lobby and new tenant amenities,” McBroom explained. “With the capital plan done, Westport is strategically positioned to capture new tenants as the leasing market fires back up coming out of COVID. Further, its ideal setting at the convergence of Denver’s Uptown and Upper Downtown district will provide tenants with an irreplaceable location with a high-profile address and sweeping views of the Front Range.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Westport Capital Partners
Westport Capital Partners LLC is a real estate investment firm focusing on adding value to real estate and “hands-on” solutions to complex situations. Westport provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California and Stamford, Connecticut. For more information regarding Westport Capital Partners LLC, please visit westportcp.com.