$127.8 Million Financing Arranged For Park Central In Denver
3 Oct, 2012, New York
Cushman & Wakefield Equity, Debt and Structured Finance, serving as the exclusive advisor to an affiliate of Walton Street Capital, L.L.C. ("Walton Street"), has arranged a $127.8 million floating rate facility for Park Central in Denver, Colorado. The five year facility, including extension options, was provided by Aareal Capital Corporation.
Park Central is a trophy, Class A, 558,346 square foot, multi-tenanted, office building located at the gateway of Lower Downtown (LoDo) in Denver, Colorado. The property's outstanding attributes include its high profile AA location, long-term leases, irreplaceable quality, timeless architecture, unsurpassed on-site amenities, and incredible 360-degree mountain and city views. Designed and constructed to the highest institutional Class A standards, Park Central is a multiple Energy Star label recipient and winner of multiple architectural awards.
Additionally, the property has undergone extensive renovations over the past several years, including a $1.5 million lobby renovation completed in 2011. In total, nearly $26.2 million has been spent on capital and tenant leasing-related projects since 2002. The building's extensive capital improvement and renovation program has resulted in state-of-the art building and mechanical systems that have operational efficiencies and enhance the asset's strong competitive position.
Steven Kohn, president of Cushman & Wakefield Equity, Debt and Structured Finance said, "Park Central is a terrific asset and Walton Street is a well respected investor/operator of commercial real estate nationally, the primary factors which attracted the many lenders to this offering."
The Cushman & Wakefield Equity, Debt and Structured Finance team included Mr. Kohn, Alex Hernandez, Mark Root and Sridhar Vankayala, who worked closely with Cushman & Wakefield's Denver Capital Markets team of Mike Winn and Tim Richey.