Dealmaker: BWE Secures $67M for Colorado Commercial Properties

(Illustration of 169 Inverness courtesy of BWE)

BWE, Cleveland, secured a combined $67.1 million in financing for five retail, industrial and office properties across Colorado.

Peter Keepper, senior vice president, and Transaction Manager Summer McSwain in BWE’s Denver office, arranged the financing from life insurance company lenders and a bank.

The financings included:

Westminster Village (Westminster, Colo.), a $2.7 million loan from a life insurance company with a term of less than three years, tailored to accommodate the borrower’s exit strategy. The loan refinanced a 100% occupied, 30,058-square-foot retail property on behalf of the borrower. Thanks to the strong relationship between borrower and lender, the loan payments will be blended with a co-terminus existing loan, which allowed the sponsor to secure a more favorable interest rate.

Highlands Ranch Commerce Center (Highlands Ranch, Colo.), a $4 million, 13-year fully amortizing loan with an extremely low spread from a life insurance company to acquire the fully occupied, 42,240-square-foot office/warehouse flex property on behalf of the buyer, a Mexico-based family office.

Powers & Palmer Retail (Colorado Springs, Colo.), a $10.5 million loan from a life insurance company with a 10-year term and a 20-year amortization to refinance a 73,215-square-foot retail property along a major roadway on behalf of the borrower, who successfully converted the dilapidated building into a fitness center and attracted a major fast food chain to the property. Though the restaurant might not open until 2027, the lender agreed to consider the space as leased due to their strong history with the sponsor.

Pacifica Union (Englewood, Colo.), an $18.5 million loan with a 15-year term and 30-year amortization from a life insurance company to acquire the 257,409-square-foot small-bay industrial property on behalf of the borrower, a Denver-based commercial real estate firm.

Pictured: 169 Inverness (Englewood, Colo.), a combined $20.9 million loan with a four-year term featuring three one-year extensions and a 30-year amortization from an Oklahoma bank to acquire the stabilized, suburban office property containing SCIF space. The acquisition set a high-water mark for a stabilized, suburban office building in the area, selling for $200 per square foot.