3800 Steele, Denver

February 20, 2020 Comments Off on $82M Acquisition, Renovation Financing Secured for QOZ Denver Portfolio Views: 561 Colorado, Southwest

$82M Acquisition, Renovation Financing Secured for QOZ Denver Portfolio

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ScanlanKemperBard (SKP) and Harbert Management Corp. secured $81.8 million in financing to acquire an 11-building industrial portfolio in Denver on the 3800 block of Steele St. The 453,014-square-foot asset is situated in an Opportunity Zone in Denver’s Lower North Central industrial submarket. Developers Ken Wolf and Ari Stutz sold the asset for $76.6 million.

JLL’s Tom Wilson, Leon McBroom and Christopher DuCharm led the capital markets team representing the borrower, placing the three-year, floating bridge loan with two one-year extensions with Granite Point Mortgage Trust Inc. The borrower plans on renovating the portfolio, which delivered in 1940 and 1943, and was renovated in 2000. The redesign, led by Tryba Architects, will convert the property into “urban flex” space.

“SKB and Harbert have a great vision for this urban flex/manufacturing space,” McBroom said. “The mixed-use nature of creative office and light manufacturing weaves in well with the fabric of the surrounding neighborhood, and we are thrilled to have partnered Granite Point with the borrowers through the execution of this exciting business plan.”

Photo: Tryba Architects

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