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11/29/16
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Hayman Properties LLC has acquired Parkway Office Centre, a 134.6k sf, Class B office building in Denver. Built in 1982 and later renovated in 2008, Parkway Office Centre is located at 1391 N. Speer Blvd, at Colfax Ave in the northern portion of Downtown Denver’s “Golden Triangle,” one of the oldest neighborhoods in the city.
The eight-story, Class B brick office property with an adjacent three-story parking garage was 94% leased at closing. The seller, DPC Development Company, recently signed Denver Health and Hospital Authority, one of the city’s largest health organizations to a long-term lease for approximately 33k sf.
Although the purchase price was not immediately given out, Hayman financed the transaction with $19.8 mil in first mortgage debt for the acquisition, syndication and lease-up of the property. Thorofare Capital provided the five-year, floating-rate, non-recourse loan, which includes a one-year extension. The financing includes a TI/LC reserve as well as a future funding facility to cover additional lease-up costs.
The property, located in Downtown Denver, offers structured parking and is just a couple blocks away from the light rail station. According to Felix Gutnikov, Principal and EVP of Origination for Thorofare, the financing was structured to enable Hayman to unlock the potential value by increasing the below market in-place rents and attract new tenants for the near-term rollover space in the desirable Golden Triangle neighborhood.
LA-based Hayman Properties entered the Denver market earlier this year with the acquisition of Denver Tower, a 54k sf building in the city’s CBD.
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