Continuum, Clarion Secure $130M Refi for Denver Property
Located in the LoDo neighborhood, the mixed-use development was completed last year.
A joint venture between Continuum Partners LLC and Clarion Partners LLC has secured $130 million in refinancing for the newly built, Class A mixed-use project Market Station in Denver’s LoDo neighborhood. JLL Capital Markets arranged the 12-year, fixed-rate loan through a life company correspondent lender.
Ranking as one of Denver’s premier mixed-use developments, Market Square was completed in 2021 and has a 78.7 percent occupancy. The five- and 10-story property features frame construction and offers 225 apartment homes within a pair of residential concepts, dubbed Fourteen45 and The Flats. The residences are divided between studio, one- and two-bedroom layouts. Apartments feature digital locks, above-average ceiling heights, high-speed Internet access and in-unit washers and dryers. A rooftop terrace with swimming pool and barbecue grills highlights the amenity list.
The development also offers 126,000 square feet of Class A office space, 70 percent of which is currently leased. In addition, Market Station features 320 mechanically stacked parking stalls, as well as 52,000 square feet of BASECAMP retail.
The retail space, which encircles the entire property, is home to a collection of lifestyle and outdoor retailers.
Situated steps from the 16th Street Mall—with 20,000 pedestrians daily, the busiest pedestrian corridor in the Mile High City—Market Station fills a complete city block. The property is also a few blocks from Union Station and its public transit options. Those connections can speed passengers to the entire Denver metropolitan area, as well as the Cherry Creek Trail, a network of biking trails that can take bikers throughout the city.
The JLL Capital Markets team representing the borrower was headed by Senior Managing Direct Eric Tupler and Director William Haass. Last week, JLL Capital Markets arranged refinancing for a portfolio of 10 multifamily communities.