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10/08/12
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Broadreach Capital has obtained $59 mil in financing cross-collateralized by two Denver, CO-area office buildings which were acquired by the Palo Alto-based private equity firm in 2007. The financing was provided by Mesa West, a Los Angeles and New York based balance sheet lender, which wrote a $49 mil first mortgage loan and brought in Investcorp Real Estate, the U.S. based real estate arm of alternative investment manager Investcorp, to fund $10 million in mezzanine debt.
The $59 mil combined loan proceeds were used to pay off the existing debt and fund future leasing costs to stabilize the properties, according to Mesa West Principal Ronnie Gul, who originated the financing.
The financing is secured by One Union Square, a 10-story, 188 .7k sf office building located at 143 Union Blvd in the Union Corridor of Lakewood, CO, southwest of Denver; and 303 E. 17th Avenue, a 12-story, 277.7k sf office building in downtown Denver. Collectively, the two buildings are 90 percent occupied.
Broadreach, whose Denver portfolio includes more than 3.2 msf of Class A office space, acquired the two assets as a portfolio in August 2007 from
Starr Realty Corp. Brad Zampa of Newmark Knight Frank Cornish & Carey Capital Group arranged the financing.
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