By Ioana Neamt
Denver—Working on behalf of a joint venture between EverWest Real Estate Partners and WHI Real Estate Partners LP, HFF has arranged $15.5 million in bridge and construction financing for an industrial warehouse located in Denver’s River North District.
HFF secured the fixed- to floating-rate loan through First National Denver—a division of the First National Bank of Santa Fe. The initial batch of fixed-rate funding will be used to acquire the 83,133-square-foot property at 2323 Delgany, while the future floating-rate funds will be used to facilitate the asset’s conversion into creative office space.
Located in the city’s vibrant River North (RiNo) District, 2323 Delgany is situated on 3.46 acres of land at the corner of Delgany and Park Avenue. The property offers easy access to Denver’s newly renovated Union Station, Coors Field, the Colorado Convention Center and the I-25. The building was originally developed back in 1975 as a Twin-T industrial warehouse. When the current tenant leases expire next year, the borrower intends to convert the industrial property to a creative office asset.
“We are pleased to complete this financing as it will significantly enhance our ability to successfully reposition this asset,” EverWest’s Paul Andrews said in a prepared statement.
“First National is proud to have been of service to two very valued clients and appreciates the opportunity,” First National Executive Vice President Jonathan Smith added.
An HFF debt placement team led by Associate Director Leon McBroom and Senior Managing Director Eric Tupler arranged the deal on behalf of the borrower.
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