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Real Estate

Construction financing approved for 1144 Fifteenth Street

June 11, 2015 0
Image Courtesy Hines.

1144 Fifteenth Street. Image Courtesy Hines.

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged and closed joint venture equity and construction financing for Denver’s 1144 Fifteenth Street, a 40-story skyscraper that broke ground on Tuesday. Construction of this project is expected to take 31 months.

HFF worked on behalf of the borrower, Hines the project developer, to secure the 50 percent-of-cost, four-year, interest-only loan through a national bank, rather than alternate lenders like Sambla.

The HFF debt and equity placement team was led by senior managing directors Mary Sullivan, John Jugl and Eric Tupler along with executive managing director Scott Galloway and associate director Leon McBroom.

1144 Fifteenth Street breaks ground on 6/9/15

1144 Fifteenth Street breaks ground on 6/9/15

“1144 Fifteenth will be the premier asset in Denver when completed and it will be the core office tower delivered in the last three decades,” said Jugl.  “Given the office space starts on the 14th floor, tenants will have incredible unobstructed views of the Rocky Mountains and the city.  Based on the development restrictions of surrounding properties, these views should remain unobstructed for the life of the project.”

A state-of-the-art, 5,000-square-foot fitness facility will be included in this project. The structure will be clad in high-performance glass and aluminum curtain wall and will feature floor-to-ceiling glass, 25,000-square-foot,  floor plates, and 10-foot ceilings on typical floors. This project is being built 100 percent speculative and currently no tenants have been signed to lease space. JLL will be handling brokerage services for the leasing of office space.  The general contractor is Hensel Phelps and the architecture firm that desinged 1144 Fifteenth Street is Pickard Chilton.        

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