$23M refinancing secured for Denver mixed-use property
JLL Capital Markets led the financing efforts for the 60,000 SF office and retail mixed-use property in LoDo’s A Block development
DENVER, April 4, 2023 – JLL Capital Markets announced today that it has arranged a $23 million refinancing for a Class A, mixed-use development totaling 60,000 square feet of retail and office at 1881 16th St. in Denver, Colorado.
JLL worked on behalf of the borrower, an affiliate of Continuum Partners, to secure the loan through HTLF.
Completed in 2017, the property is part of Denver’s A Block Development, which consists of a 47,047 square-foot office building, 12,551 square feet of retail space, and a 197-space subterranean parking garage. The 200-key Hotel Born is also part of A Block, but it was not part of this loan’s collateral. The office and retail space is fully leased to a diverse tenant mix of restaurants, retailers, and service-based tenants.
The property is located in Denver’s LoDo neighborhood, immediately adjacent to Union Station, the central hub of Denver’s light rail and commuter train network with direct access to the Denver International Airport and the Denver Metro Area. The property boasts a Walk Score® of 91 and has greenway bike access along Cherry Creek Trail and South Platte River Trail.
“We are excited to secure this financing for A Block and to establish a new relationship with HTLF. This is an extremely high-quality mixed-use asset at the heart of Denver’s most important transit-oriented neighborhood,” said Asher Werthan, Partner and CFO of Continuum Partners. “The JLL team worked diligently with us to secure attractive financing in a challenging market environment. The successful execution is a testament to the team’s hard work and to the quality of the project and location. We look forward to the continued success of this key LoDo asset.”
The JLL Debt Advisory team representing the borrower was led by Senior Managing Director Eric Tupler
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales 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.
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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 $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 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
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 including Belmar and the Union Station Transit Hub, both of which won the ULI Global Award of Excellence, as well as 9+CO, Market Station, Bradburn Village, 16 Market Square and Produce LA in Los Angeles, among others. Learn more at www.continuumpartners.com.
Heartland Financial USA, Inc., operating under the brand name HTLF, is a financial services company with assets of $20.24 billion. HTLF’s banks serve communities in Arizona, California, Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, New Mexico, Texas and Wisconsin. HTLF is committed to its core commercial business, supported by a strong retail operation, and provides a diversified line of financial services including treasury management, wealth management, investments and residential mortgage. Additional information is available at www.htlf.com.