Dealmaker: JLL Arranges $114M for Denver-Area Mixed-Use, Office Assets
Michael Tucker firstname.lastname@example.org
JLL's Denver finance team arranged $114.1 million for Denver-area mixed-use and office projects.
The firm's Denver Finance Team includes Managing Partner Baxter Fain, Managing Director Mike White, Vice Presidents Ryan Zikas and Christina Grimme and Production Support Analyst Maddy Stevenson.
The deals included a $78.7 million combined debt and equity placement for Parkside at City Center, a proposed mixed-use development sponsored by NorthStar Commercial Partners that will include 216 market-rate multifamily apartments and 36,000 square feet of retail space. JLL procured both debt and equity for transaction, which closed on April second.
Canyon Partners Real Estate, Los Angeles, provided the project's preferred equity
The JLL team also placed $35.4 million for Trinity Place, a 17-story, 197,800-square-foot office tower in Denver's Uptown submarket adjacent to the Brown Palace Hotel. A debt fund provided the three-year loan at 65 percent loan-to-cost.
The structured finance execution involved a significant earn-out mechanism to facilitate repurposing of 35 percent of the building's square footage into co-working space for purchaser Novel Coworking. This deal closed April fourth.
In Las Vegas, JLL sold a Class A office property for $19.9 million. Senior Vice Presidents Tivon Moffitt and Peter Bauman and Executive Vice President Bret Davis represented seller TSSP - Moonwater Capital, Las Vegas, in the transaction. TSSP - Moonwater Capital acquired the building in 2018 as part of a seven-building office portfolio.
The Kase Group Founding Principal Kase Abusharkh represented the California-based private investment entity buyer.
"This sale represents an industry-leading cap rate for a single-tenant office project in the Las Vegas market," Bauman said, noting the property sold for $338 per square foot.
Located at 1451 Center Crossing Road, the building totals 58,950 square feet within the Summerlin master-planned community near Interstate 215 Beltway and U.S. 95. A Fortune 10 company fully occupies the asset.
"Investors across the United States and globally understand the strength and diversity of the Las Vegas economy, especially Summerlin," said Moffitt. "They want to invest in Las Vegas and there is diverse capital seeking to make long-term real estate investments in this market."