NorthMarq arranges acquisition financing of $60.08 million for Denver Tech Center Portfolio
The portfolio consists of two Denver, Colorado office properties; Stanford Place I and Yosemite
CINCINNATI, OHIO (August 5, 2021) – Christina Grimme, vice president of NorthMarq’s Cincinnati office, arranged acquisition financing of $60.08 million for Denver Tech Center Portfolio. The two-property portfolio consists of Stanford Place I (financed at $37,680,000 and containing 273,963 sq. ft.) located at 8055 E. Tufts Avenue and Yosemite (financed at $22,400,000 and containing 202,158 sq. ft.) located at 6455 S. Yosemite Street both in Denver, Colorado. The transaction was structured with a 10-year term with 3-years of interest only followed by a 30-year amortization schedule. NorthMarq secured the permanent-fixed loan for the borrower, Alturas Capital Partners, through its relationship with a credit union.
“We very much appreciate the representation of Christina and the NorthMarq Cincinnati team in helping us to acquire these great assets in the Denver Tech Center submarket. It was a pleasure working with her and with the Accesso team to produce a great outcome for both buyer and seller,” said Devin Morris, Chief Operating Officer of Alturas Capital Partners, LLC.
Stanford Place I is a 14-story building roughly a quarter-mile from the convergence of Interstates 25 and 225 and Yosemite, a 10-story office, is walkable to the light rail as well as many of the submarket’s best retail amenities.
“The coveted suburban location coupled with the diverse mix of national and regional tenants helped secure competitive financing. The three years of interest only give the borrower some runway for additional lease-up and value creation,” explained Grimme.
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