DENVER-GlobeSt.com exclusively learns that NorthMarq has $62-million in first mortgage and mezzanine financing for Guaranty Bank Building, a high-quality, CBD mid-rise office tower. The building is located at 1331 17th St. in Denver.
Constructed in 1983, the 13-story 220,287-square-foot multi-tenant building serves at Guaranty Bank's headquarters along with an additional strong mix of tenants in the legal and energy sectors. The property also has an attached, nine-level parking structure, the largest in the area, with 683 parking spaces.
Gordon Mickelson, senior director; and Brock Yaffe, assistant VP, arranged the financing for the borrower, Zeller Realty out of Chicago.
Yaffe tells GlobeSt.com that overall, Denver's office market has performed very well with current vacancy of only 11.8%. “The Guaranty Bank Building is located in the LoDo submarket, which has a current vacancy of only 7.7% according to a CoStar Q1 report,” he says. “Tenants are attracted to the LoDo submarket because of the vast amenities it offers.”
The property is just one block from the 16th Street Mall and the free mall shuttle—tree-lined, mile-long pedestrian promenade that runs through the center of downtown—and Union Station and the light rail system are only a few blocks away, he adds. “Denver's Union Station is being redeveloped as the regional transportation hub, and is currently the largest transportation redevelopment project in progress in North America.”
The historic train depot, and the approximately 20 acres around it, he adds, will house expanded light rail and commuter rail service plus new bus rapid transit lines. “The asset is also blocks away from all major league sports stadiums, a myriad of restaurants, retailers and nightlife.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
