Uptown Denver Tower secures $ 54 million bridge mortgage
An entity owned by funds managed by Westport Capital Companions acquired a $ 54 million refinancing mortgage for 1660 Linc, a 31-story skyscraper in Uptown Denver. JLL Capital Markets labored on behalf of the proprietor to safe the mortgage for the 298,888 sq. foot Class A property.
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Profit Avenue Companions granted the four-year bridging mortgage with a one-year extension choice. In line with CommercialEdge, the proprietor recovered the asset in 2018, for $ 67.2 million.
In-built 1972, the 1660 Linc is LEED Gold licensed. The property underwent renovations in 2016 and 2019-2020, at a complete value of $ 19 million. Upgrades included the addition of a brand new central plant and HVAC system, enlargement of the foyer, and a redesigned sky-lit entrance. The property consists of 425 parking areas unfold over ranges 3-11, an 8,800 sq. foot tenant lounge, sport room, bar and health club. Ground plates common 14,853 sq. ft.
The tower rises at 1660 Lincoln St., between Metropolitan State College and Metropolis Park. Adjoining to the Denver CBD, the 0.5 acre web site is lower than 1.5 miles east of Interstate 25. On the time of the settlement, the tenant record included Ciancio Ciancio Brown PC, United States Meat Export Federation, in addition to a lot of small departures -UPS.
Managing Director Leon McBroom led the JLL workforce that accomplished the transaction on behalf of the borrower. In March 2020, McBroom was additionally a part of one other refinancing within the Denver space of a three-building workplace portfolio. The 234,000 sq. foot One Boulder Plaza landed close to $ 70 million mortgage over 5 years.
In February, one other Westport-owned entity landed a $ 51 million refinance mortgage for a inventive three-building workplace constructing in downtown Portland, Oregon. Listed on the Nationwide Register of Historic Locations, the advanced known as Historic Financial institution Block consists of town’s first skyscraper.