Office Asset Lands Refi in Denver’s RiNo District

The new note will retire a $22.7 million loan from U.S. Bank.


Zeppelin Development has secured $27 million in refinancing for TAXI III, a two-building, Class A creative office property comprising 91,775 square feet in Denver. The 10-year loan provided by Bellco Credit Union bears interest at a fixed rate of 3.85 percent. JLL Capital Markets negotiated the note for the owner. The new mortgage will replace existing debt, a $22.7 million loan from U.S. Bank taken in 2018, according to public records.

TAXI III consists of Drive 1 and Drive 2, two multi-tenant, four-story buildings which were built in 2012 and 2013, respectively. The property’s amenities include a fitness center and 300 parking spaces, according to Yardi Matrix. At the time of the deal, the property was 86 percent occupied.

Situated at 3459 and 3461 Ringsby Court on 4.6 acres, where the former Yellow Cab depot used to be, the site is within 2 miles of interstates 25 and 70. The property is located within Denver’s River North Art District. 

Senior CRE Banking Officer Greg Lundstrom led the Bellco Credit Union team. JLL Senior Director Leon McBroom conducted the team which represented the owner. Last month, the company also brokered the $64.9 million sale, as well as acquisition financing for Tuscany Village Center, a 257,875-square-foot Denver office asset.

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