Sugar Block Gets $58M Refinance
CBRE arranged the $58M refinance of the Sugar Block, a 189,145 SF mixed-used development on the 16th Street Mall between Blake and Wazee streets in Lower Downtown.
Built in 1906 and listed on the National Register of Historic Places, the Sugar Building is the namesake of the block. It was originally built for the Great Western Sugar Co. It was designed by Grove and Walsh, the same architectural firm that designed Union Station. In 2008, Urban Villages developed the Sugar Cube next door, followed 10 years later by the addition of Sugar Square, which was completed earlier this year.
“Sugar Block is a seamless blend of turn-of-the-20th-century architecture, modern design and state-of-the-art construction culminating in LoDo’s finest mixed-use project,” CBRE Vice Chairman Brady O’Donnell said.
O’Donnell, Jeff Halsey and Jill Haug with CBRE Capital Market’s Debt and Structured Finance group represented the property owner and worked with Urban Villages Inc., the developer and property manager, on the transaction. The lender is Des Moines, Iowa-based Principal Real Estate Investors on behalf of an advised separate account.
Sugar Block offers a total of nearly 120K SF of office space, 18K SF of street-level retail space and 37 apartment units. The development also has a 32-space subterranean parking garage. The residential units have a 24/7 concierge service and private elevator access.
Urban Villages, a Colorado-based development and property management company, has made adaptive reuse projects a key focus of its business. It recently announced a partnership with Larimer Associates to work on the next phase of development at Larimer Square.
