CREJ

Page 30 – April 1-14, 2020 www.crej.com Finance Federally insured by NCUA Personal & Business Banking l Mortgage Loans l Business Loans elevationscu.com l 800.429.7626 It matters where you bank. When you get a construction loan from Elevations, your money not only comes from your community, it stays here too. Because we are only truly prospero us together. Once upon a time the community would come together to build it. Here, we still do. by Jennifer Hayes A $124.6 million refinance loan was arranged for the eventual redevelopment of the Elitch Gardens theme and water park in downtown Den- ver. JLL Capital Markets worked on behalf of the borrower, a partnership of Kroenke Sports and Entertainment and Reves- co Properties, to place the five- year, floating-rate loan with Pacific Western Bank. Loan proceeds will be used to retire existing debt and fund ongoing predevelopment work for the future River Mile proj- ect. The JLL Capital Markets Debt Placement team repre- senting the borrower was led by Senior Managing Direc- tor Eric Tupler and Director Tyler Dumon. Pacific Western Bank, led by Executive Vice President Regional Manager for Colorado Commercial Real Estate Lending Chris Erickson, served as the primary lender for the deal. “We were extremely pleased to work with Pacific Western Bank and JLL on this transac- tion,” said Rhys Duggan, presi- dent of Revesco Properties and the managing member of the borrowing group. “The entire debt team worked extremely efficiently to get this refinanc- ing closed quickly and on com- petitive terms.” The ownership group acquired Elitch Gardens in 2015 and, over its owner- ship period, has completed numerous improvements to the park, including three new major ride attractions. The park will continue to operate as one of Denver’s premiere major attractions for the fore- seeable future. The ownership group also is nearing comple- tion of the future home of the 90,000-square-foot Meow Wolf venue, which it is constructing on a neighboring site. Additionally, the ownership group also has undertaken an extensive re-entitlement process to secure new zoning rights to facilitate the ultimate redevelopment of Elitch Gar- dens into more than 14 million square feet of residential and commercial mixed-use space spread over 25 parcels. The development also will incorporate major improve- ments to the South Platte River to fully activate 1 mile of river frontage for a variety of active and passive public uses. “We are pleased to partner with KSE and Revesco Proper- ties on this meaningful rede- velopment project,” Erickson said. “It’s forward-thinking projects like this that will con- tinue to foster the growth and expansion of our city. We are actively seeking new oppor- tunities to lend throughout the Denver area by partnering with proven developers like KSE and Revesco Properties on projects that help the city and surrounding area reach its full potential.” The deal was secured by Hol- liday Fenoglio Fowler LP prior to being acquired by JLL last July. Co-brokerage services were provided by Jones Lang LaSalle Americas Inc. s Partnership receives refi loan for future River Mile project by Jennifer Hayes Bank of Colorado and UMB Bank originated a credit facil- ity for the construction of the McGregor Square project in downtown Denver. The former west parking lot for the Colorado Rockies at Coors Field is being transformed into a mixed-use site. The prop- erty will include 75,000 square feet of restaurant and retail space as well as 655,000 sf of above-ground space including a hotel managed by Sage Hos- pitality, private residences and office space. Bank of Colorado also will be one of the first tenants in the building. Bank of Colorado and UMB, with which the Monfort family and Colorado Rockies have rela- tionships, are equal lead funders for the project, which was a key factor in principal owner Dick Monfort’s decision to choose Bank of Colorado and UMB for the project’s financing. “The McGregor Square proj- ect is something that will be a part of Denver forever, and will enhance the community and the game day experience,” stated Monfort. “This project means a lot to me and my family, and it will stimulate the next wave of downtown Denver devel- opment. It was important for Banks originate credit facility for McGregor Square Project The $124.6 million refinance loan was arranged for the eventual redevel- opment of the Elitch Gardens property in downtown Denver. Please see Banks, Page 45

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