BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured $24,480,000 to provide financing for Parkridge Four and Belcaro Place, two office buildings in the Denver, Colorado, area.
Peter Keepper, senior vice president in BWE’s Denver office, originated the financing for Parkridge Four on behalf of KORE Investments, a Denver-based office and industrial investor. The loan, which has a five-year term, will be used to finance the acquisition of the property. The financing for Belcaro Place was originated on behalf of a group of office building investors, and the three-year loan will be used to pay off an existing CMBS loan that was assumed when the property was purchased.
“Today’s office market isn’t what it used to be, but with these deals, we’ve seen a new benchmark suburban office sale value be set and showed that there is still tremendous value to be had in office acquisitions, especially with strong and hands-on operators,” said Keepper. “We at BWE are committed to helping office investors navigate this market and secure financing that can complement their long-term business plans.”
Parkridge Four is a 193,000 square foot office building, located at 10375 Park Meadows Drive, which was recently purchased by KORE Investments in an auction for $18,000,000. Built in 2002, the building has excellent visibility and is located just a 5-minute walk from Denver’s light rail, giving officegoers easy access to the property. The property is currently 87% leased and has strong tenant diversity, with the largest tenant only taking up 10% of the floor space. With this latest addition to KORE’s portfolio, the investment firm plans to provide sustainable returns to their investors with hands-on management and improve tenant experiences by adding amenities and activating common areas to increase tenant retention.
Belcaro Place is a 155,000 square foot, fully renovated and stabilized class B+ office building located off I-25 at 3801 E Florida Ave in Denver. Originally built in the 1980s, the building recently received $9,000,000 in investment from its ownership, including energy efficiency upgrades and a new roof. The property is 99% leased to a diverse mix of professional and medical tenants, and it continues to attract and retain tenants due to its comparatively low costs and convenient location in a low-crime area with great access to public transit. Though based in Montana, Belcaro Place’s owner takes a hands-on approach to property management and regularly visits Denver, where he and his local property manager operate another office building just a quarter of a mile away from Belcaro Place.