CBRE recently arranged the $58 million refinance of the Sugar Block, a 189,145-square-foot mixed-use development located along 16th Street between Blake and Wazee in lower downtown Denver. Brady O’Donnell, Jeff Halsey and Jill Haug, with CBRE Capital Market’s Debt and Structured Finance group, represented the property owner and worked with Urban Villages, Inc., the developer and property manager, on the transaction. The lender is Principal Real Estate Investors (on behalf of an advised separate account) based in Des Moines, Iowa and the loan closed April 30, 2018.
Constructed in 1906 and listed on the National Register of Historic Places, the Historic Sugar building at 1530 16th Street is the namesake of the block. It was originally built for the Great Western Sugar Company and designed by the same architectural firm as Union Station, Grove and Walsh. In 2008, Urban Villages developed the Sugar Cube next door at 1555 Blake Street, followed 10 years later by the addition of Sugar Square, which was completed earlier this year.
“Sugar Block is a seamless blend of turn-of-the-20th-century architecture, modern design and state-of-the-art construction culminating in LoDo’s finest mixed-use project. Urban Villages has done a remarkable job of not only preserving but progressing this historic and iconic property,” said Brady O’Donnell, Vice Chairman, CBRE.
In total Sugar Block offers nearly 120,000 square feet of Class AA office space, 18,000 square feet of high-end ground-floor retail space and 37 luxury apartment units. The development also has a 132-space subterranean parking garage. The residential units feature 24/7 concierge service and private elevator access among other amenities.