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January 3-16, 2018 - Page 25
Finance
by Jennifer Hayes
An $18.75 million loan
was funded to Consolidated
Investment Group for its East
Park 70 Building 1 in Aurora.
Holliday Fenoglio Fowler LP
secured the refinance loan for
the 357,555-square-foot, 100
percent-occupied, newly con-
structed industrial building.
The HFF debt placement
team representing CIG includ-
ed Managing Director Josh
Simon.
The 12-year, 3.63 percent,
fixed-rate loan was funded
by a correspondent life insur-
ance lender. The loan was
structured with two years of
interest-only debt service pay-
ments and a flexible prepay-
ment in the final three years of
the loan term. Loan proceeds
were used to refinance the
property’s construction loan.
CIG developed East Park 70
Building 1 and delivered the
asset in late 2016. It is fully
occupied by a single, credit
tenant, which inked a 10-year
lease at the building situated
on 18.2 acres at 19500 E. 23rd
Ave.
East Park 70 Building 1 fea-
tures a cross-dock design,
36-foot-clear ceiling heights
and 145 stalls for trailer park-
ing.
The building is part of CIG’s
East Park 70 Industrial Park,
which, when built out, will
comprise more than 1.4 mil-
lion sf of industrial space. The
park, located along the Inter-
state 70 corridor, is approxi-
mately 16 miles from down-
town, approximately 10 miles
southwest of Denver Interna-
tional Airport, and the build-
ing has direct access to Inter-
states 70 and 225 and E-470.
“The leasing success of
this building makes us very
excited about the future of
East Park 70 and our long-
term hold strategy,” said Tim
Bertoch, CIG’s vice president
of real estate. “CIG recently
broke ground on Building 2,
a 243,200-square-foot, cross-
dock building with 32-foot
clear heights, which will be
completed in June of 2018. We
continue to see good demand
for the highly functional and
flexible space that we are
developing.”▲
The 357,555-square-foot building is occupied by a single tenant on a long-term lease.
comprises a 12-building, 210-
unit garden-style community.
Located less than 2 miles from
the Belleview light-rail station
and just south of the Inter-
states 25 and 225 interchange,
the community features a mix
of one- and two-bedroom
apartments that average 1,035
square feet. Timber Creek
amenities include a swimming
pool, hot tub, grilling area,
24-hour fitness center, club-
house, media lounge, cyber
café and mountain bike loaner
program.
The 7/S Denver Haus prop-
erty is located in Denver’s
Capitol Hill neighborhood
at 175 E. Seventh Ave. The
recently completed Class A
building comprises 115 stu-
dio, one- and two-bedroom
units that average 699 sf. The
apartments feature high-end
finishes, including French-
door refrigerators, quartz
countertops, faux wood floor-
ing, built-in Bluetooth speak-
ers, Nest thermostats, in-unit
washers and dryers and balco-
nies. Common area amenities
at 7/S Denver Haus include
a sky lounge, barbecue grills,
yoga studio, 24-hour fitness
center, dog spa, shuffleboard,
media lounge and electric car
charging stations.▲
HFF