Speculative office building secures construction financing
Schnitzer West and Craft Companies, LLC, a Denver-based multi-directional real estate company, have secured $ 76.97 million in financing from Otera Capital of Canada, for the completion of The Current, River North, an office tower in 12-storey class A. in RiNo. The project is part of Schnitzer West’s regional development pipeline of more than 1.5 million square feet of office space in Denver.
Located at 3615 Delgany St., in the River North Art District (RiNo) of Denver’s Central Business District (CBD). Construction on the 238,000 square foot project began in April 2021 and is expected to be completed in March 2023.
“This is the first construction loan that Schnitzer West has executed with Otera Capital,” said Kyle Flippen, director of development at Schnitzer West. “We are excited to begin this new relationship with Otera as we continue to invest in the Denver market and provide Class A office space to the RiNo neighborhood – a milestone for the continued success and economic growth of the region. “
The design of the Current includes floor-to-ceiling glass and the use of View Smart Windows, which use artificial intelligence to assess the position of the sun and adjust tint to optimize natural light. The technology preserves views by eliminating the need for shadows while helping to regulate temperature and glare.
The top two floors of the building will offer private amenities to tenants, including 8,000 square feet of Schnitzer West’s signature ‘Great Room’ for work and leisure space, and four separate rooftop and lanai terraces. exterior totaling approximately 11,000 square feet, so tenants can enjoy views of the Denver skyline and the Front Range. The project will include 2 levels of underground parking, 4 levels of above ground parking, 238,000 square feet of office space with retail on the ground floor, building entrance hall, parking for bikes and high-end changing rooms inspired by hospitality.
Davis Partnership Architects designed the building. The loan was facilitated by Baxter Fain, an industry veteran with over 25 years of experience in commercial real estate, and partners Ryan Zikas, Sarah Dinning and Rob Cronenberg of Cushman & Wakefield Denver.
“It has been a wonderful opportunity to work with a leading client with decades of trophy office development in an ever expanding RiNo market. Starting this process during COVID was frankly a difficult task. However, the loan market has recognized the strength of the sponsorship combined with the “A” location and the incredible design of the building, giving us multiple options. Our ultimate lender selection has come down to leverage, no pre-lease requirement, and better flexibility for the client, ”said Baxter Fain, Denver Equity Group, Debt & Structured Company finance.
Rendered courtesy of Davis Partnership Architects