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DENVER-Toulon Development Corp. of Montreal has placed a new mortgage on one of its office assets here and may use the proceeds to make additional acquisitions, according to the lender, GE Real Estate. GE provided Toulon a $14.8-million five-year, interest-only loan secured by Columbine Place, a 147,073-sf, 99%-leased office building located on the 16th Street pedestrian mall in the Denver CBD.

GE Real Estate regional director Lance Wright tells GlobeSt.com that Columbine Place was part of a multi-asset portfolio, the bulk of which the borrower sold 18 months ago. The Columbine asset was retained by Toulon because they like the Denver market and believe the market will continue to show upside in rents and occupancies over the near term, he says.

“As a result of the asset sales from the portfolio, the borrower had no indebtedness on the Columbine property,” Wright says. “By putting a new loan on the property it will allow the borrower to acquire other assets or achieve other company objectives.”

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