The first loan is for $20.1 million to refinance a maturing loan on 1875 Lawrence Street, a 15-story, 185,700-square-foot office building located adjacent to Denver's historic Lower Downtown (Lodo). The multitenant building is owned by Behringer Harvard Opportunity REIT II Inc.
Behringer Harvard said it will undertake a significant capital improvement program.
“We are making further investments in this well-located property because we believe that favorable demographic trends and the improving Denver economy will contribute to its upside potential,” said Michael O'Hanlon, president and CEO of Behringer Harvard's opportunity platform. “Our plans include a lobby renovation and additional rentable square feet that are expected to enhance the property's appeal to tenants.”
Mesa West has also provided the Bascom Group with a $27.2 million loan for its recent acquisition and renovation of Village at Loretto Heights, a 312-unit multifamily complex located eight miles southwest of Downtown Denver. Acquired from San Francisco-based Carmel Partners, the property is currently 96% occupied. Bascom will use a portion of the proceeds to complete a multimillion-dollar renovation of the units initiated by the seller.