HFF Announces Construction Financing for Speculative Class AA Office Tower in Denver’s CBD
DENVER--(BUSINESS WIRE)--Nov 26, 2018--Holliday Fenoglio Fowler, L.P. (HFF) announces construction financing for Block 162, a speculative Class AA office tower totaling 595,039 square feet in Denver’s central business district.
The HFF team worked on behalf of the borrower, a joint venture between Patrinely Group and USAA Real Estate, to secure the four-year construction loan through PCCP, LLC.
Block 162 broke ground in June of 2018 and upon completion will be a core, 30-story office tower with 9,900 square feet of ground-level retail and parking in three below-grade and nine above-grade decks. The core and shell of the building is being constructed to meet LEED Gold certification, and it will be only the second office tower of 25-plus stories to be delivered in the last three decades in Denver’s CBD. A best-in-class amenity package will be highlighted by an 11 th floor sky terrace with social lounge, an activated outdoor fitness area in conjunction with a full-service indoor fitness center, bike storage and 2,800 square feet of conference and meeting space. Block 162 will offer tenants super-efficient rectangular floor plates, floor-to-ceiling glass for maximum natural light, 10-plus foot ceiling heights, on-site security and panoramic views of the Front Range and downtown. The 1.1-acre site is positioned on a corner lot at 675 15 th Street in Denver’s Midtown West submarket. This location is within a short walk of Larimer Square, the 16 th Street Pedestrian Mall, the Colorado Convention Center and the Denver Center for the Performing Arts. Additionally, the project will be served by an adjacent light rail stop at the 16 th and California Street station providing connections to the rest of the CBD, LoDo and Union Station.
The HFF debt placement team representing the borrower included director Leon McBroom and senior managing director Eric Tupler.
About Patrinely Group, LLC
Patrinely Group is a national real estate investment, development and management firm focused on large scale, Class A mixed-use, office and multifamily properties in major markets across the U.S. Recognized as a leader in real estate development since 1983, Patrinely Group has completed $10 billion in transactions and is experienced with all real estate asset classes. For more information, visit www.patrinelygroup.com.
About USAA Real Estate
USAA Real Estate, with over $21 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The portfolio consists of office, industrial/logistics, multifamily, retail and hotel properties. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $8 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a 20-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has successfully committed $17 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181126005687/en/
CONTACT: Leon McBroom
HFF Senior Managing Director
HFF Director, Public Relations
KEYWORD: UNITED STATES NORTH AMERICA COLORADO
INDUSTRY KEYWORD: ARCHITECTURE INTERIOR DESIGN PROFESSIONAL SERVICES FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
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PUB: 11/26/2018 04:17 PM/DISC: 11/26/2018 04:17 PM