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Tuesday, 15 May 2018

$65.55Mln Lent Against Denver Office Building

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Kore Investments has secured a $65.55 million mortgage against the Re/Max Plaza International office property in Denver.

Ladder Capital Finance provided the loan, which is expected to be split into pieces of $35.55 million, $25 million and $5 million and securitized as part of two upcoming CMBS deals. The 10-year mortgage pays a coupon of 4.681 percent.

Kore, of Greenwood Village, Colo., paid $112.1 million, or nearly $462/sf, for the 242,497-square-foot property earlier this year. Equity Commonwealth sold the building, which it had bought in 2010 for $75 million.

The property, at 5075 Syracuse St., serves as the global headquarters for Re/Max International Inc. The real estate company occupies most of the 12-story property on a triple-net basis. Its lease, which expires in April 2028, comes with a pair of 10-year renewal options and cannot be terminated early.

The building also contains 826 parking spaces and two single-story retail buildings with 14,500 sf that are sub-leased to two restaurants: Shanahan's Steakhouse and Snooze.

Comments? E-mail Tim Casey or call him at (267) 397-3347.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Denver
  • States: Colorado
  • Sector: Office
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $50 million and $100 million
  • Private: No
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Dan Moynihan

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