DENVER, CO – February 11, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $54.60 million in acquisition bridge financing for the repositioning of 930 15th Street, a 223,000-square-foot vacant office/data center building in Downtown Denver, Colorado.
The HFF team worked on behalf of the borrower, SteelWave LLC and Rialto Capital Management, to arrange the four-year, floating-rate acquisition and bridge loan through Square Mile Capital Management. Loan proceeds will be used to acquire and reposition the asset into a state-of-the-art office building.
930 15th Street is positioned at the corner of 15th and Curtis Street. This location has phenomenal access to Denver’s 16th Street pedestrian mall, Denver Convention Center, Denver Center for the Performing Arts and Larimer Square, and is close to Denver’s Free Mall Ride operating on 16th Street. Additionally, the 12-story building is convenient to Interstate 25 providing access to the greater Denver region. The property served as the administrative back office center of CenturyLink for the past 20 years and is currently vacant.
Steelwave LLC and Rialto Capital Management with design by Gensler Architects will transform the asset into premier office space within the Denver CBD through significant renovations and inclusion of modern amenities. Planned renovations include a dramatic floor-to-ceiling glass curtain wall on two facades and the installation of executive parking stalls that utilize stackers. Planned amenities include a collaboration lounge area, café and wine bar, rooftop fitness center, bike lab, rooftop event area and lounge, and conference center. Office suites will tout 1345-foot slab-to-slab ceilings, fiber connectivity and completely modernized mechanical systems.
The HFF debt placement team representing the borrower included director Leon McBroom and senior managing director Eric Tupler.
About Rialto Capital Management
Rialto Capital Management, together with its affiliates, is an integrated real estate investment and asset management company that invests and manages assets throughout the capital structure in real estate properties, loans, and securities. Rialto was formed in 2007 and has participated in the investment of billions of dollars of equity in real estate assets. The company is headquartered in Miami, Florida, and has professionals operating in offices throughout the United States and in Europe. Rialto’s executive management team is comprised of seasoned professionals who have been market leaders globally in CMBS securities investing, loan origination, distressed debt, and commercial and residential properties through multiple cycles. For more information, visit rialtocapital.com.
About Steelwave, LLC.
SteelWave is a full-service commercial, multifamily and mixed-use real estate management, operating company and investment management company headquartered in Foster City, California. SteelWave and its predecessor companies, Legacy Partners Commercial and Lincoln Property West, have been active in commercial and multi-family real estate for 46 years and have built a reputation for successful execution in the field by sourcing investments in our target markets: Northern California, Southern California, Denver, Seattle, Portland and Texas, and financing, developing, renovating, leasing, managing and selling real estate investments on behalf of many well-known institutional clients. For more information, visit steelwavellc.com.
About Square Mile Capital Management
Square Mile Capital Management LLC is an integrated institutional real estate finance and investment management firm based in New York. Square Mile’s large U.S. footprint, enhanced by the firm’s strategic partnership with USAA Real Estate Company, enables Square Mile to leverage proprietary market insights through a unified sourcing and investment philosophy that positions the firm to capitalize upon opportunities through all phases of the commercial real estate cycle. Square Mile’s opportunistic investment platform takes a value oriented approach to its activities, with an emphasis on opportunities to acquire or capitalize real estate assets or enterprises that are undervalued, complex or undercapitalized. Square Mile’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States. For more information, visit squaremilecapital.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.
