Goldman Sachs provides $132m on Denver-area office portfolio

Goldman Sachs Mortgage Co. has provided a $132 million loan to EverWest Real Estate Partners and Independencia Asset Management for the acquisition of the six-building Panorama Corporate Center, a Class A office campus in suburban Denver, Colorado.

The 10-year, interest only loan carries a 4.78 percent interest rate and a 70 percent loan-to-value, according to HFF, which arranged the financing. That puts the acquisition cost around $189 million.

“The transaction was fairly unique in that you had large tenants that had not yet moved in,” Eric Tupler, senior managing director at HFF, told Real Estate Capital. “We had to create a structure that would protect the lender with enough cash flow to service the debt before the tenants moved in.”

Miller Global Properties sold the Class A complex, situated on 42.1 acres and developed between 1996 and 2008. The office buildings are now 94.1 percent leased to tenants including United Launch Alliance and Comcast.

The 780,649 sq ft complex at the southwest corner of Interstate 25 and Dry Creek Road in Centennial, Colorado, a southeast suburb of Denver, spanning 7630 South Chester Street, 7670 South Chester Street, and 9401 East Panorama Circle.

HFF financed another transaction with EverWest Real Estate Partners and Independencia Asset Management for the acquisition of the Broadway Station in Denver in 2014, Tupler said.

Denver-based EverWest Real Estate Partners is a privately held real estate investment management and operating company engaged in the acquisition, development, capitalization, repositioning, and management of commercial real estate on behalf of its investors.

Miller Global Properties, also located in Denver, manages $1.5 billion in assets. The Chilean Independencia Asset Management company operates its US real estate investments out of Miami, Florida.