This Week’s Denver Deal Sheet
Joint venture partners Jordon Perlmutter & Co. and Rockefeller Group topped out on Paradigm River North, a 200K SF office at 3400 Welton St. in the River North district that is billed as one of Denver’s most environmentally sustainable office projects.
Approximately 120K SF is leasable. It also includes private outdoor terraces, collaboration rooms and enclosed bicycle storage. The building is expected to be completed later this year. It is 40% leased to law firm Davis Graham & Stubbs LLP.
"Our vision was to create a project that would cater to strong demand from a discerning base of tenants seeking top-tier, dynamic locations to attract and retain the knowledge workers that are crucial to their businesses," Sean Perlmutter, acquisitions and development partner at Jordon Perlmutter & Co., said in a press release.
PEOPLE
JLL Senior Director Kelly Hyde has joined the Denver team to focus on multifamily housing valuations. According to a press release, Hyde has more than 10 years of experience in both Denver and Houston’s commercial real estate markets.
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Norman Jenkins, CEO of Capstone Development, has been elected to serve on the Re/Max Holdings Board of Directors. Jenkins held leadership positions at Marriott and McDonald's before joining Capstone, a firm that specializes in multifamily and hotel development.
SALES
NorthPeak Commercial Advisors brokered the sale of 5525-5535 East Yale Ave. in Denver, a 12-unit, 10K SF multifamily building, for $2.3M. NorthPeak’s Hunter Schaefer and Jack Sherman were the listing agents for the property, and Kevin Calame and Matt Lewallen represented the buyer.
FINANCING
Specialty investment bank Ziegler and M&T Realty Capital Corp. helped refinance a $105.6M loan on The Ridge Pinehurst, a luxury senior living community in Lakewood. The original 10-year, fixed-rate loan was structured with five years of interest-only payments followed by 30-year amortization, according to a press release.
THIS AND THAT
Peak Realty opened its first full-scale real estate services office in Denver. The office will be led by Strategic Growth Manager Chase McGuire, who is expected to help bolster the firm’s presence in the multifamily market alongside 14-year sales veteran and Colorado native Colin Stok.
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Denver-based furniture dealership Merchants acquired Haworth dealer Pear Workplace Solutions to provide additional office furniture and client services across Colorado.
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The groundbreaking for the new Northglenn City Hall will take place Monday. The building is expected to be Colorado’s first core green municipal building and will include rooftop solar. The project is expected to cost around $33M to complete and will be done without any new taxes being levied, according to a news release.
