JPMorgan Chase has provided $46.55 million in financing to Unico Properties on a three-property mixed-use portfolio and an adjacent office development site in Denver, Colorado, county records show.
Unico will use the proceeds from the financing, split between two floating rate loans, to refinance the portfolio — made up of 1537 Platte, Root Building and Zang Building — and construct the adjacent office development, according to HFF, which arranged the deal. Property records show that Unico purchased the properties from Platte Properties in March 2014.
The Platte Street Portfolio and development is situated in the Platte Valley micro-market of Denver’s central business district. The three existing, early twentieth century mixed-use properties total 102,873 sq ft and feature office space along with ground floor retail.
The 97,586 sq ft Class A office development, directly adjacent and situated across a bridged walkway from the existing buildings, will include a new four-and-a-half-story building comprised of three floors of office space, above ground floor retail and a 191-stall underground parking garage.
JPMorgan has been active lender across all property types throughout the American South this year, providing a $60 million loan to refinance a shopping center in a suburb of Charlotte, North Carolina this month, a $75 million refinancing on a mixed-use retail and medical center in Nashville, Tennessee this August, and a $70 million acquisition loan on mixed-use building in Austin, Texas this June. The bank has $1.7 trillion of assets under management.