JLL Capital Markets Structures $54M in Refinancing for 298,888 SF Office Tower in Denver

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March 11, 2021  •  Issue 1,087

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Crescent Communities Plans $181M Apartment Project in Denver’s RiNo Art District

Situated in Denver’s RiNo Art District, NOVEL RiNo will feature 483 apartment units and 15,800 square feet of retail space.

DENVER — Crescent Communities has started development of NOVEL RiNo, a $181 million apartment project in Denver’s River North (RiNo) Art District and Cole neighborhood. Located at 1300 40th St., the community will feature 483 multifamily units, 15,800 square feet of retail space with a 2,702-square-foot rooftop cocktail lounge.

The property will feature a mix of studio, one- and two-bedroom floor plans, with a portion of the units designated as affordable housing. Community amenities will include a sixth-floor pool deck, three outdoor courtyards, a covered outdoor pavilion and a food truck reserved for resident use.

The project will embrace the artistic and industrial history of the neighborhood through art installations by local artists and industrial-inspired architecture, according to the developer. <Read more>

JLL Capital Markets Structures $54M in Refinancing for 298,888 SF Office Tower in Denver

The 31-story 1660 Linc in Denver features 298,888 square feet of Class A office space and parking for 425 vehicles.

DENVER — JLL Capital Markets has arranged $54 million in refinancing for 1660 Linc, a 31-story, Class A office tower in Denver’s Uptown neighborhood.

Located at 1660 Lincoln St. and built in 1972, 1660 Linc features 298,888 square feet of office space, parking for 425 vehicles, an 8,800-square-foot tenant lounge, training room for 40-plus people, a game room, coffee bar, and gym complete with yoga room and Peloton bikes. The property was renovated in 2016 and 2019-2020 with more than $19 million in improvements, including the installation of a central plant and HVAC systems, a lobby expansion and conversion of the entry into an open, sky-lit space.

The current tenant roster includes Ciancio Ciancio Brown PC, United States Meat Export Federation and a number of small start-ups.

Leon McBroom led the JLL Capital Markets teams that secured the four-year bridge loan, which features a one-year extension, through Benefit Street Partners. Funds that Westport Capital Partners manages own the borrower.

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Affordable Housing Magazines

From Finance Insight

Student Housing Q&A with Timothy S. Bradley, Founder, TSB Capital Advisors

Student housing demonstrated its resilience in the face of COVID-19 challenges, but what can the industry expect going forward? Timothy S. Bradley, founder, TSB Capital Advisors, and principal, TSB Realty, sat down with Finance Insight to discuss financing and expectations for student housing in the fall of 2021 and beyond.

Finance Insight: How was 2020 for TSB?


Bradley: We were fortunate. Many observers assumed the student housing industry would be devastated by COVID-19-forced school closures and campus clusters. Instead, thanks in large part to the rational and institutional nature of our major operators, investors and lenders, the industry proved its resiliency once again. 

<Read more>

This article is part of REBusinessOnline's Finance Insight seriesClick here to subscribe to the Finance Insight newsletter, a four-part newsletter series, followed by several video interviews delivered to your inbox in March 2021.

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C.W. Driver Breaks Ground on $43M Pomona College Athletic Center Expansion in Claremont, California

Pomona College’s Athletic and Recreation Center in Claremont, Calif. will undergo a $43 million renovation and expansion. (Rendering credit: SCB Architects)

CLAREMONT, CALIF. — C.W. Driver Cos. has broken ground on a $43 million expansion of Pomona College’s Athletic and Recreation Center in Claremont. Located at 220 E. Sixth St., the 95,000-square-foot facility will provide additional space for the Pomona-Pitzer athletics program through a mix of renovations and new construction.

Slated for completion by fall 2022, the facility will include 15,000 square feet of additional training and weight rooms, dedicated areas for cardio exercise, athletic department offices and expanded locker rooms.
Enhancements to the center will include expanded variety and faculty locker rooms; a strength and conditioning center; additional training and conditioning space; an all-new, two-court practice and recreational gymnasium above the fitness area; three new team meeting rooms; individual offices for coaches and administrative staff; and equipment storage space.

The center will be designed to achieve LEED Gold certification, with daylight shading devices to mitigate solar heat gain, HVAC systems that prioritize natural ventilation, rooftop photovoltaics and solar hot water.

C.W. Driver Cos. is partnering with SCB Architects on the project.

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Mountain Capital Partners, New Earth Equities Buy 99-Unit Harbour Court Apartments in Portland

Harbour Court in Portland, Ore., features 99 apartments.

PORTLAND, ORE. — A joint venture between Mountain Capital Partners and New Earth Equities has acquired Harbour Court, a multifamily community in Portland. Harbour Court Owner LLC, an affiliate of the San Diego-based ConAm Group, sold the asset for an undisclosed price.

Located at 910 N. Harbour Drive, Harbour Court features 99 apartments and is served by Portland’s MAX light rail service, TriMet bus lines and Interstate 5.

Ira Virden, Carrie Kahn and Frank Solozano of JLL Capital Markets represented the seller in the deal.

Murphy Development Starts Construction of Two Spec Industrial Buildings in San Diego’s Otay Mesa

Building A at Brown Field Technology Park in San Diego will feature 105,150 square feet of speculative industrial space.

SAN DIEGO — San Diego-based Murphy Development Co. has commenced construction of two speculative industrial assets – Buildings A and C – at Brown Field Technology Park, a 52-acre corporate industrial and office park in San Diego’s Otay Mesa area. Completion of the two buildings is slated for the third quarter of this year.

The 105,150-square-foot Building A and the 123,913-square-foot Building C will both feature 32-foot clear heights, 4,000 amps of 277/480 power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing and high dock door ratios designed for distribution users. The buildings can accommodate a variety of user requirements ranging from 50,000 square feet to 229,063 square feet.

Andy Irwin, Ryan Spradling and Greg Lewis of JLL are overseeing leasing of the two buildings.

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