As previously reported in GlobeSt.com, the two have assembled blocks across from the Colorado Convention Center along 14th Street for a mix of high-rise hotels, condos, retail, apartments and lofts.
The NorthMarq loan is for a seven-story parking garage with about 315 parking spaces at 1425 Stout St. and a 25,000-sf parking lot containing about 100 spaces at 1417 Stout St. The land is under contract to an Indiana-based hotel development company, which plans to build an extended stay hotel on the site. Woolley and Hultin are negotiating to close on that portion of the deal.
Steve Bye, executive vice president and senior managing director of NorthMarq's Denver office, arranged the financing. NorthMarq is a national real estate investment banker providing financing for commercial real estate including offices, retail, industrial, multi-family, and assisted living developments. It services a portfolio of $26 billion on behalf of 50 institutional investors. It is headquartered in Minneapolis.
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