{"id":1004592483,"date":"2022-07-20T03:23:23","date_gmt":"2022-07-20T11:23:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004592483"},"modified":"2022-12-08T19:04:02","modified_gmt":"2022-12-09T03:04:02","slug":"denver-portfolio-reels-in-196m-in-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/denver-portfolio-reels-in-196m-in-financing\/","title":{"rendered":"Denver Portfolio Reels In $196M in Financing"},"content":{"rendered":"
\"\"<\/a>

Fiddler\u2019s Green Portfolio. Image courtesy of Cushman & Wakefield<\/p><\/div>\n

Acting on behalf of Schnitzer West LLC<\/strong>, Cushman & Wakefield<\/strong> recently arranged a $196 million refinancing financing package for the real estate company\u2019s Fiddler\u2019s Green Portfolio in Greenwood Village, Colo. The premier collection of three suburban Denver office properties encompasses nearly 740,000 square feet of Class A space. According to CommercialEdge, ACORE Capital<\/strong> was the originator and the loan matures in 2027.<\/p>\n

The Fiddler\u2019s Green Portfolio, sited roughly 15 miles south of Denver\u2019s central business district, consists of Palazzo Verdi and Fiddler\u2019s Green I and II, all of which are developments of The John Madden Co.<\/strong> In 2018, Schnitzer West became co-owner of the transit-oriented portfolio with the formation of a joint venture with the developer. In December 2021, Schnitzer West took on sole ownership when it acquired John Madden\u2019s stake for $158.5 million.<\/p>\n

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READ ALSO:<\/strong> PepsiCo Acquires Land for 1.2 MSF Denver Facility<\/a><\/p>\n

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Baxter Fain, Rob Cronenberg and Sarah Dinning of Cushman & Wakefield\u2019s Equity, Debt & Structured Finance Group arranged the financing for Schnitzer West through an unidentified debt fund that the firm describes as a premier lending partner.<\/p>\n

\u201cOffice has become a polarizing product type in the debt market, but lenders continue to pick their spots and only provide debt on the right transactions for their profile,\u201d Rob Cronenberg, debt broker with Cushman & Wakefield, told Commercial Property Executive<\/em>. \u201cRunning a competitive marketing process has become more important than ever with lenders being so selective on transactions.\u201d<\/p>\n

A green office portfolio in suburban Denver<\/span><\/h2>\n

The portfolio isn\u2019t a typical group of <\/span>suburban office buildings<\/a>. All three properties feature high-quality interior and exterior finishes, from polished black granite stone flooring to architectural woodwork, and are environmentally centric, incorporating a bevy of sustainable elements.<\/span><\/p>\n

Developed in 2008, the 315,000-square-foot Palazzo Verdi at 6363 S. Fiddler\u2019s Green Circle is the greenest of them all. The 15-story tower of glass and stone-colored concrete is LEED Platinum certified. In addition to its eco-friendliness, Palazzo Verdi is home to the Madden Museum of Art and additional ground-level offerings for a total of 20,000 square feet of retail space. Its 10 stories of office space sit atop a five-story parking facility.<\/p>\n

Fiddler\u2019s Green I and II, which opened in 1999 and 2001, each feature approximately 210,000 square feet. The two buildings form a semi-circle of sorts with Palazzo Verdi, with Fiddler\u2019s Green I featuring the address of 6399 S. Fiddler\u2019s Green Circle, and Fiddler\u2019s Green I sitting at 6501 S. Fiddler\u2019s Green Circle. Among the portfolio\u2019s current tenants is Starz Entertainment, which leased approximately 100,000 square feet at Palazzo Verdi in the first quarter of 2022.<\/p>\n

\u201cDue to the profile of the deal, size of the loan, and the sponsors requested terms, we presented this deal to a select group of debt funds and national money center banks who could provide the best terms possible for a loan of this size. We received interest from several lenders but at varying leverage points,\u201d Cronenberg said. \u201cThe quality of the real estate and the flight to quality for tenants in the office sector plus the strength and experience of the sponsor created a competitive market for this transaction.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The suburban assets total 740,000 square feet of Class A office space.<\/p>\n","protected":false},"author":969,"featured_media":1004592487,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,22251,21742,21747,15],"tags":[36746,32799,35428,33777,36207],"class_list":["post-1004592483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-in-focus","category-latest","category-office","category-west","tag-acore-capital","tag-cushman-wakefield","tag-greenwood-village-submarket","tag-schnitzer-west","tag-the-john-madden-company"],"acf":[],"yoast_head":"\nDenver Portfolio Reels In $196M in Financing - CPE<\/title>\n<meta name=\"description\" content=\"Schnitzer West LLC scored nearly $200 million in financing for a three-asset suburban office portfolio in Greenwood Village, Colo.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/denver-portfolio-reels-in-196m-in-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Denver Portfolio Reels In $196M in Financing\" \/>\n<meta property=\"og:description\" content=\"Schnitzer West LLC scored nearly $200 million in financing for a three-asset suburban office portfolio in Greenwood Village, Colo.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/denver-portfolio-reels-in-196m-in-financing\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-20T11:23:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:04:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Fiddlers-Green-Portfolio-Greenwood-Village-Colo.-1-e1658315549550.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1068\" \/>\n\t<meta property=\"og:image:height\" content=\"801\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/denver-portfolio-reels-in-196m-in-financing\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/denver-portfolio-reels-in-196m-in-financing\/\",\"name\":\"Denver Portfolio Reels In $196M in Financing - 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