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O'Donnell

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DENVER-Borrowers have landed $56 million in new loans for avariety of properties here, including loans for mixed-useoffice-retail buildings and ground leases under office buildingsaccount for more than $47 million of the total. The loans includedCMBS and life company financings, according to the Denver office ofJohnson Capital, which arranged the loans.

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The two largest of the five deals were a $24.05 million loan onfive mixed-use, office-over-retail buildings on the Pearl StreetMall in Boulder and a $23.645 million loan on a portfolio of fourground lease properties underneath four office buildings leased tothe General Services Administration. The Boulder portfoliocomprises 49,046 square feet of retail space and 83,512 square feetof office space. The five-year, fixed-rate note on that deal has a30-year amortization schedule and is a non-recourse CMBS loan thatwas provided by Natixis and arranged by Brady O’Donnell, aprincipal in Johnson Capital’s Denver office.

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1401 Pearl St.

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The properties leased by the GSA are in Colorado, California andNew Mexico and are owned by Aardex, which developed the buildingsbefore selling the leasehold interests. The 10-year, fixed rateloan has a 30-year amortization schedule and a loan to value ratioof 75%. The loan was provided by Goldman Sachs and was arranged byMike Cantwell, managing director in Johnson's Denver office.

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The other three included a $3.4 million loan on a fully leased,72,590-square-foot multi-tenant suburban office building inEnglewood, CO; a $3.25 million loan on a 16,007-square-footshadow-anchored retail center in Broomfield, CO owned by a localprivate investor and a 2.045 million financing on a20,572-square-foot single-tenant Office Depot in Arvada, CO.

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The Englewood financing was a non-recourse, 10-year fixed-rateloan that was provided by a life company and arranged by O’Donnell.The Broomfield deal was for a property that was built in 2008 andis 100% leased to six different tenants. The non-recourse debt is a15-year, fully amortizing life company loan that was placed byO’Donnell. The loan on the Office Depot is for 10 years at afixed-rate and was also provided by a life company and arranged byO’Donnell.

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Commenting about the transactions and current market conditions,O’Donnell said, “The Denver Real Estate Market has survived theworst of the storm and we are fortunate to have navigated throughwhat has been a very difficult time for commercial real estateinvestors across the country. The low interest rate environment andimproving market fundamentals have helped to jump-start the thawingof commercial debt and we are looking forward to another successfulyear in 2011.”

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