Sagard Lands $99M Refi for Denver Industrial Campus
JLL Capital Markets led the negotiations.
Sagard Real Estate has secured a $99.3 million refinancing agreement for 25 North, a 936,775-square-foot Class A industrial campus in Thornton, Colo.
JLL Capital Markets worked on behalf of the borrower in closing the loan.
Walton Street Capital provided the refinancing, according to Adams County public records. The new financing agreement will be used to replace a previous debt totaling $101.3 million, originally issued in 2022 by CIBC Bank of USA, the same source shows.
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The news comes after the same company secured a $257.7 million refinancing deal back in May. The financing package was issued by Wells Fargo and was backed by a 1.7 million-square-foot, 16-property industrial collection spread across eight states.
JLL Capital Markets Vice President Emily Goldsberry, Executive Managing Director Eric Tupler and Senior Managing Director John Rose represented Sagard Real Estate.
A recently constructed industrial campus
The nine-building industrial campus came online between 2020 and 2024, within the Interstate 25 Corridor submarket of Denver. Occupying 66.4 acres near Interstate 25 and E-470 toll road, the complex is 17 miles from the city’s downtown area and 21 miles from Denver International Airport.
Buildings at 25 North are spread across Washington St. and Grant St., featuring clear heights ranging from 28 to 32 feet, a total of 34 drive-in doors 205 dock-high doors and 1,770 vehicle parking spots. Properties range from 66,500 square feet to 135,000 square feet.
The tenant roster at 25 North includes both regional and national companies, such as Solid Power Inc., Epicurean Butter, Sashco Inc., Ferguson and CordenPharma Colorado, among others, according to Yardi Matrix.
Industrial debts flowing effortlessly
Commercial and multifamily loan originations increased by 66 percent as of the end of the second quarter of 2025, compared with the same period last year, according to a report by Mortgage Bankers Association. Industrial loan originations registered a 53 percent increase year-over-year and a 102 percent jump on a quarter-over-quarter basis.
Similar financing agreements in the industrial sector include Brookfield Asset Management’s $380 million CMBS package, scheduled to close at the end of this month. The financing package is backed by a 31-property industrial collection totaling 4.5 million square feet, with facilities spread across five states.
Investcorp landed $1 billion for refinancing four industrial portfolios totaling 14.4 million square feet, spread across prime and high-growth markets in the U.S. Morgan Stanley led the financing.
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