Denver’s newly built Market Station refinanced for $130M
JLL Capital Markets led financing efforts for the Class A mixed-use project in the city’s LoDo neighborhood
DENVER, May 12, 2022 – JLL Capital Markets announced today that it has arranged a $130 million refinancing for Market Station, a newly built, Class A mixed-use project totaling 339,494 square feet in Denver’s LoDo neighborhood.
JLL worked on behalf of the borrower, a joint venture between Continuum Partners, LLC and Clarion Partners, LLC, to secure the 12-year, fixed-rate loan through a life company correspondent lender.
“It has been gratifying to see the depth of market interest in the Market Station financing,” said Mark Falcone, Founder and Chief Executive Officer of Continuum Partners. “Market Station is a landmark asset, which adds a significant new market driver into the heart of the LoDo neighborhood. We love this location — it is no accident that it is literally across the street from Continuum’s very first development, 16 Market Square.”
Completed in 2021, Market Station is one of Denver’s premier mixed-use developments offering 225 multi-housing units within two residential concepts, Fourteen45 and The Flats; approximately 126,000 square feet of Class A office space that is 70% leased; 52,000 square feet of BASECAMP retail and 320 mechanically stacked parking stalls. The property combines urban living space within studio, one- and two-bedroom units with best-in-class amenities, including a fitness center, two clubhouses, rooftop terrace with pool and grills, outdoor dog runs and dog washing stations. The BASECAMP retail portion wraps around the entire property and is a collective of like-minded retailers who share a passion for the outdoors with traditional retail concepts in the mix.
Market Station occupies an entire city block just steps from the 16th Street Mall, which is the busiest pedestrian corridor in the city seeing more than 20,000 pedestrians each day. Boasting a Transit Score® of 100, the property is also just a few blocks from Union Station and public transit options offering connectivity to the entire Denver metropolitan region as well as the Cherry Creek Trail, a network of biking trails throughout the city.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Eric Tupler and Director William Haass.
“The JLL team is thrilled to continue our involvement in such a special and unique core asset,” commented Tupler. “When Continuum first reached out to our team to arrange the JV equity, we knew the project would be a best-in-class property for Denver and the lender interest in this financing is further confirmation.”
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. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Continuum Partners, LLC
Continuum Partners, LLC is a progressive development firm specializing in building urban mixed-use developments that create successful pedestrian environments and integrate effectively with the surrounding urban fabric. Founded in Denver, Colorado, in 1997 with a deliberate mission to create sustainable human habitats of extraordinary character and enduring value, Continuum Partners has established itself as a national leader in urban, mixed-use, large-scale projects. Learn more at continuumpartners.com.
About Clarion Partners
Clarion Partners, LLC has been a leading real estate investment manager for 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $75.9 billion in total real estate equity and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to 500 institutional investors across the globe. Clarion currently manages 35,684 multifamily units across the U.S. More information about the firm is available at clarionpartners.com.