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Page 14 — COLORADO REAL ESTATE JOURNAL — March 4-March 17, 2015
Finance
by John Rebchook
Andrew Stewart knows the
AOL Time Warner Center mixed-
use development in the heart of
Manhattan.
He also knows the mixed-use
Clayton Lane in the heart of Cher-
ry Creek North.
“It might be a stretch to say
Clayton Lane is Denver’s AOL
Time Warner Center,” said Stew-
art, CEO of Cronheim Mortgage
in New Jersey.
After all, condos at ClaytonLane
aren’t selling for $7,000 per square
foot, like they are in theAOLTime
Warner Center.
“And I’mnot sure that is a good
thing that they are selling for
$7,000 per square foot,” Stewart
said.
Stewart, and Allison Morava
of Cronheim, recently arranged
$48 million in financing for the
335,000-sf retail portion of Clayton
Lane.
The refinance does not include
the adjoining J.W. Marriott, the
condos developed by Western
Development nor the world head-
quarters for Janus.
There are a number of similari-
ties between the AOL Time War-
ner Center and Clayton Lane.
Each includes high-end retail,
condos, hotels and offices.
And Clayton Lane is poised
to become better, with a massive
redevelopment planned, he said.
“All across the country, the best
developments are re-investing in
themselves with a mix of every-
thing from housing to retail,”
Stewart said.
“They are true lifestyle centers,”
he said.
The refinance, made on behalf of
its owner, AmCap Clayton LLC,
does include the Whole Foods
anchor, Crate & Barrel, Arhaus
Furniture, Sur La Table, White
House Black Market, A Pea in the
Pod, Design Within Reach and
Bose.
The retail portion is 99 percent
leased.
Sears also is an anchor, but it will
be vacating the space and will not
be part of the redevelopedClayton
Lane.
“It’s a great center and only will
be better when it is redeveloped,”
Stewart said.
“And AmCap is truly a great
developer,” Stewart said. “I do not
use that term lightly. They know
what they are doing.”
AmCap primarily owns King
Soopers-anchored grocery centers
in the Denver area.
“I don’t think people would
argue that Clayton Lane is its
crown jewel,” Stewart said.
He has a long history with
AmCap.
“AmCap, as an owner-manager,
also has proven to us over the 25
yearswe have known themto be a
creative and conscientious opera-
Clayton Lane’s retail space is 99 percent leased.
‘AmCap, as an
owner-manager,
also has proven to
us over the 25 years
we have known
them to be a creative
and conscientious
operator.’
– Andrew Stewart,
CronheimMortgage