HFF Announces Construction Financing for Speculative Class AA Office Tower in Denver’s CBD
November 26, 2018
DENVER–(BUSINESS WIRE)–$HF #Denver–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 11th
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 15th
Street in Denver’s Midtown West submarket. This location is within a
short walk of Larimer Square, the 16th 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 16th 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.
About HFF
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.
Contacts
Leon McBroom
HFF Director
(303) 515-8000
lmcbroom@hfflp.com
Eric Tupler
HFF Senior Managing Director
(303) 515-8000
etupler@hfflp.com
Kristen Murphy
HFF Director, Public Relations
(617)
338-0990
krmurphy@hfflp.com