Broadway Station
DENVER-An affiliate of Walton Street Capital has acquired the 96%-occupied, 317,564-square-foot Broadway Station office project, financing the acquisition with 70% loan-to-value financing arranged by CBRE Capital Markets. Eric Tupler, vice chairman of CBRE Capital Markets Debt & Equity Finance, describes Broadway Station as a landmark office development.
Tupler and vice president Josh Simon of CBRE Capital Markets Debt & Equity Finance arranged the non-recourse financing, which included a five year floating rate term with a starting interest rate of 3.26%. The financing included interest-only amortization along with a flexible prepayment structure. Tupler and Simon arranged the financing on behalf of a foreign bank. “There was significant lender interest in the financing opportunity driven largely by the strong sponsorship of Walton Street Capital and the high-quality nature of the real estate,” commented Tupler.
Broadway Station consists of two four-story buildings connected by a glass enclosed way. The property is located in the Colorado Boulevard/Midtown submarket of the metro Denver office market and is occupied by tenants including HostMySite.com, the National Multiple Sclerosis Society, Integra Telecom Holdings and Regis University.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
