$66M refinancing secured for Denver office property
JLL Capital Markets led the financing efforts for 1400 Wewatta and 1401 Wynkoop in Denver’s LoDo submarket
DENVER, May 23, 2023 – JLL Capital Markets announced today that it has arranged a $66 million refinancing for 1400 Wewatta and 1401 Wynkoop, two interconnected, Class A office towers in Denver’s LoDo submarket.
JLL represented the borrower and operator, Crestone Partners, respectively, to secure the five-year, fixed-rate loan through an international correspondent life insurance company.
1400 Wewatta and 1401 Wynkoop offer 279,188 square feet of office space that is 94.52% leased to 13 diversified tenants. In addition, there is 25,188 square feet of ground floor retail space at the property and a 467-space parking garage on the first and second floors. The two towers are connected by a third-floor community outdoor terrace and a sky bridge on the fourth floor. On-site amenities include private terraces in some offices, a fitness center and secure bike storage.
The two-tower property is positioned on a 3.52-acre site in LoDo, directly between Union Station and the Cherry Creek Trail. In addition to the convenient train and bike trail access, 1400 Wewatta and 1401 Wynkoop are also close to Interstate 25, providing vehicular access to the broader Denver metropolitan area. LoDo is a highly amenitized neighborhood, offering a wide variety of retailers, dining options and entertainment attractions, as well as access to many nearby employers.
Crestone Partners was represented by Bob Flynn, Garth Tait, Dave Meares and Heidi McKernan.
“This very high-quality and strategically well-located office asset has historically outperformed the vast majority of our LoDo competition in occupancy, average lease rates, tenant credit quality and rate of retention at rollover,” Flynn said. “JLL’s highly skilled and professional team provided us with a number of viable refinancing alternatives in an increasingly challenging debt market.”
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Eric Tupler and Director Kevin Barron.
“1400 Wewatta and 1401 Wynkoop offer what today’s tenants are seeking; a modern office space with access to the outdoors, on-site amenities and an exceptional amenity base surrounding the property,” Tupler added. “The combination of the physical real estate and location has allowed the property to greatly outperform the market.”
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.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Crestone Partners
Founded in 2006, Crestone Partners is an owner and manager of Class-A office and mixed–use real estate projects in the Denver metropolitan area. The firm’s three founding principals collectively have over ninety years’ experience in acquiring, repositioning, managing and selling complex assets.