JLL secures $40.5M refinancing for Denver-area office complex
Multi-tenant, two-building property in affluent Cherry Creek submarket
DENVER, September 5, 2019 – JLL announced today that it has secured a $40.5 million refinancing for Ptarmigan at Cherry Creek, a two-building office property totaling 435,011 square feet in the Cherry Creek submarket of Denver, Colorado.
JLL worked on behalf of the borrower, a joint venture between Titan Investments and Hamilton Partners, to secure the seven-year, 3.51% fixed-rate loan with a correspondent insurance company lender. The loan was structured with full-term, interest-only amortization and flexible prepayment.
Ptarmigan at Cherry Creek comprises two, 10-story, octagon-shaped buildings that are currently 88% leased to a diverse mix of tenants in the financial services, legal and professional services industries. The Energy Star and LEED Silver-rated buildings feature suites averaging 6,969 square feet each, a newly renovated lobby and plaza, fitness center with showers and lockers, common conference and training facilities, on-site property management and panoramic views of the Rocky Mountains. Located on 5.44 acres at 3773 Cherry Creek North Drive, the properties are positioned within one of the most amenity rich submarkets in the Denver metro-area with more than one million square feet of retail within walking distance, including Cherry Creek Athletic Club, Cherry Creek Shopping Center, Whole Foods and SuperTarget. Additionally, Ptarmigan at Cherry Creek is convenient to Interstates 25 and 70 connecting the property to Downtown Denver just 15 minutes away as well as the Greater Denver metro area.
The JLL Capital Markets team representing the borrower was led by Managing Director Josh Simon.
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 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
About Titan Investments
Based in Denver, Titan Investments is a privately owned, full-service commercial real estate company that has been in the business of investing, developing, and managing real estate for over 20 years.
About Hamilton Partners
Hamilton Partners was formed in 1987 after a core group of partners separated from Trammell Crow’s Midwest operations. Hamilton Partners has since grown to be one of the largest privately held real estate development firms in the central U.S. Their portfolio consists of office, industrial, apartment and retail properties. They currently own or manage over nine million square feet of office space consisting of 61 premier office buildings in the Chicago, Denver and the Salt Lake area.