JLL Capital Markets has arranged refinancing for 200 & 250 Columbine, a Class AA mixed-use property in Denver’s Cherry Creek North neighborhood. JLL represented the property’s ownership group in securing the refinancing from a regional bank.
JLL Arranges Refinancing for 200 & 250 Columbine
200 & 250 Columbine is a 121,990-square-foot property, with a diverse mix of tenants occupying the space. The eight-story building was completed in 2015 and is fully leased. The property features 75% office space and 25% retail space.
Senior Managing Directors Leon McBroom and Jim Curtin represented the borrowers. Vice President Emily Goldsberry from JLL Capital Markets was also a part of the team. JLL served as the borrowers’ advisor during the refinancing process.
JLL Capital Markets provides real estate investment advisory and financing services. The company serves clients for investment sales and advisory, debt advisory, loan sales, net lease, and derivative advisory.
Why Lenders Showed Interest in the Property
JLL did not disclose the lender selection process or specific terms of the refinancing. McBroom said the property generated strong lender interest due to its location, occupancy, and tenant mix.
“200 & 250 Columbine represents a best-in-class asset in one of Denver’s premier mixed-use districts,” said McBroom. “The property’s exceptional location in Cherry Creek North, combined with its strong occupancy and diverse tenant roster, produced a ton of lender interest and some of the tightest office spreads we have seen in a long time.”
Factors contributing to the property’s market position include:
- Strategically positioned in Denver’s premier shopping and lifestyle district.
- The property has access to over 1,900 luxury residential units, more than 200 shopping and dining destinations, and a highly educated workforce.
- In its surroundings, the Class A office market vacancy rate is 1.3% with average asking rents of $56 per square foot.
- The Class A retail submarket maintains a 0.2% vacancy rate with $84 per square foot average asking rents.
The property’s location, occupancy, and tenant composition were cited as factors in the refinancing. Together, they contributed to strong competition among lenders during the refinancing.
The refinancing signals strong lender confidence. JLL Capital Markets assisted the borrower in securing new funding. This ensured the operation of one of Cherry Creek North’s fully occupied office and retail buildings.
