JLL arranges $6.8M loan for Denver retail center
The neighborhood retail block is fully leased to a curated list of food and service retail tenants
DENVER, September 3, 2019 – JLL announced today that it has secured a $6.8 million refinancing for Oneida Park, a 29,186-square-foot retail center that spans an entire city block on both sides of the pedestrian-friendly Oneida Street between 22nd and 23rd Streets in the Park Hill area of Denver, Colorado.
JLL worked on behalf of the borrower, a private investor, to secure the 11-year term loan with three-years interest only at a 3.68% fixed-rate with a correspondent insurance company lender.
Oneida Park comprises seven buildings that are 100% leased to a curated list of complementary food and service retail businesses along with three multi-housing units. Constructed originally between 1948 and 1953, the property recently completed a multi-million-dollar renovation that included new signage, exterior paint, roofs, parking lots, landscaping and development of a central courtyard. Situated at 2255 N. Oneida Street, the retail center is in the heart of Denver’s Park Hill neighborhood. The area has access to downtown and Denver's largest open space, City Park.
The JLL Capital Markets team representing the borrower was led by Senior Director Kristian Lichtenfels.
“We secured strong insurance company interest for this refinancing opportunity as a result of the borrower’s significant capital investment and the dynamic tenant mix of high-quality restaurant, food and service focused retailers,” Lichtenfels said.
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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
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 nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com