D.A. Davidson Secures Funding to Pave the Way for Aurora Developments Along High-Profile Airport Corridor

Financing blends low interest rates with important commercial, medical development

DENVER–(BUSINESS WIRE)–#Aurora–D.A. Davidson & Co. has secured nearly $92 million of tax-exempt bonds to fund new development at the southeast corner of the high-profile intersection of Interstate 70 and E-470 and at the intersection of E-470 and 64th Avenue in Aurora. The financings, issued in two separate transactions secured by property under development by Westside Investment Partners, provide funding for the Aurora Crossroads and High Point developments.

These financings are the latest in a successful series of special district transactions in recent years that have raised $1.2 billion in capital to finance public infrastructure in and surrounding the airport growth corridor, which spans developments in Denver, Aurora and Commerce City. Projects in early stages of development have benefited from a low interest rate environment, with the Aurora Crossroads bonds being issued at 4.625 percent and 4.875 percent rates.

“The Davidson team was pleased to raise significant infrastructure dollars for the Aurora Crossroads and High Point developments, which will ensure the continued development of these high-profile locations in the City of Aurora and the greater airport growth corridor notwithstanding current uncertainties,” said Laci Knowles, senior vice president, Special District Group at D.A. Davidson. “Growth in our state pays its own way, and these early stage financings continue to pave the way for incredible new projects that will provide important services and a sense of community for city residents and airport visitors alike.”

Aurora Crossroads includes about 209 acres of land under development at the southeast intersection of I-70 and E-470. The portion of High Point securing this latest financing is approximately 272 acres along 64th Avenue north of Painted Prairie and intersected by E-470. Upon completion, the projects are planned to include:

  • A six-story regional hospital and medical offices adjacent to Aurora Crossroads.
  • The JP Morgan Chase bank data center, which opened early in 2020 at the Aurora Crossroads site.
  • A 125-room hotel and over 300,000 square feet of commercial development at Aurora Crossroads.
  • A 100-room hotel and 713 multifamily residences at High Point.
  • Mixed use development at High Point that will include 800,000 square feet of retail, 175,000 square feet of mixed use commercial and another 175,000 square feet of office space.
  • Another 152 acres planned for industrial development at High Point.

These early stage bond transactions were managed by the Special District Group at D.A. Davidson, comprised of 17 individuals exclusively dedicated to financing public infrastructure across the country. The group has extensive transaction experience, with over 100 transactions and over $2 billion of par amount issued in the past year.

D.A. Davidson & Co.’s Fixed Income Capital Markets group is a national leader in raising capital through fixed income banking, distribution and depository strategy. With 30 locations in 19 states, the group is consistently ranked among the top firms in the country. The fixed income team serves new issue clients in public finance and taxable debt issuance, and maintains a diverse sales and trading group interacting with taxable and tax-exempt investors including banks, credit unions, insurance companies, bond funds, money managers and trust companies.

About D.A. Davidson Companies

D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 and headquartered in Montana, with corporate offices in Denver, Los Angeles, Portland and Seattle, the company has approximately 1,400 employees and offices in 26 states.

Subsidiaries include: D.A. Davidson & Co., the largest full-service investment firm headquartered in the Northwest, providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.

For more information, visit dadavidson.com.

 

Contacts

Emily Roy

Prosek for D.A. Davidson

(646) 818-9232

eroy@prosek.com
or

Jacquie Burchard

D.A. Davidson

Office: (406) 791-7465

jburchard@dadco.com

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