Denver creative office project receives $27M refinancing
JLL placed the 10-year, fixed-rate loan on behalf of Zeppelin Development
DENVER, January 9, 2020 – JLL Capital Markets announced today that it has arranged a $27 million refinancing for TAXI III, a two-building, Class A creative office project totaling 91,775 square feet in the RiNo neighborhood of Denver, Colorado.
JLL worked on behalf of the borrower, Zeppelin Development, to secure the 10-year, 3.85% fixed-rate loan through Bellco Credit Union.
The award-winning complex spans four acres within the larger nine-building TAXI campus that Zeppelin began developing on the former Yellow Cab depot and six acres of surrounding land. The development is located in the heart of RiNo Arts District, a former warehouse district and gritty artist enclave that is now a playground for Denver’s twenty- and thirty-somethings.
Conveniently located near Interstate 70 and 25, TAXI III comprises two office buildings Drive 1, completed in 2012, and Drive 2, completed in 2013. The multi-tenant, four-story properties offer 44 suites averaging 2,039 square feet each and are 86% leased overall.
JLL’s Capital Markets team representing the borrower was led by Senior Director Leon McBroom.
Bellco Credit Union’s team was led by Senior CRE Banking Officer Greg Lundstrom.
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 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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Zeppelin Development is recognized for more than 40-years of innovation on mixed-use projects in Denver’s urban core neighborhoods. Fundamental to Zeppelin’s success is identifying underused properties in former industrial areas. This strategy began in the 1970s with catalytic projects in Lower Downtown, continued in the 80s and 90s with early-stage redevelopment of the Golden Triangle neighborhood, and is currently driving the development of Denver’s River North (RiNo) district. The father and son team of Mickey and Kyle Zeppelin are committed to promoting social change through intelligently designed projects that address unmet needs in the market and provide a catalyst to surrounding neighborhoods. As Denver natives, the Zeppelins and their team of collaborative partners have received widespread recognition for their RiNo developments, including the TAXI community, The Source Hotel + Market Hall and Zeppelin Station. For more information, visit zeppelinplaces.com.