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AURORA, CO-RM Crowe has refinanced its 291,234-sf Pavilion Towers office development here in a bid to raise occupancy at the twin-tower office property, which currently stands at around 70%. The Dallas-based company says it will focus on leasing the vacant space in the buildings to smaller tenants.
The property is located near Parker Road and Interstate 225. The lender, GE, describes the financing as an "on-book, floating rate loan" and says that as part of the financing RM Crowe provided an additional $4.1 million in equity.
"The loan was structured with the funds required to address 100% of anticipated costs for future tenant rollover," says Lance Wright, Southwest regional director for GE Real Estate's North America Lending division.
The broker for the Pavilion Towers transaction was Miramar Capital Advisors (RM Crowe's internal brokerage group) and Northmarq Capital, a real estate investment banking firm headquartered in Minneapolis. "There was a lot at stake regarding timing and GE met the critical dates that were required by the borrower," says NorthMarq's Denver based executive vice president Stephen Bye.
RM Crowe owns 6 million sf of office, industrial, multifamily, retail, hospitality and healthcare.
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