AURORA, COLO. — Essex Real Estate Capital Advisors has sourced a $71 million loan for the refinancing of Denali Logistics Park, a Class A industrial asset in Aurora. Blair Butler and Matt Perigard of Essex arranged the nonrecourse, interest-only bank loan loan for Hines, which developed and owns the property. The three-year, floating-rate loan was used to retire the construction debt in a cash-neutral transaction. The loan also included future funding to draw upon for leasing, securing the property’s long-term capitalization, allowing Hines to continue to execute its leasing plan and fully stabilize the asset.
Denali Logistics Park features three buildings totaling 759,620 square feet. The two front-park rear-load buildings and one cross-dock building each have different depths, allowing for devisability to accommodate tenants ranging from 30,000 square feet to 200,000 square feet. Additionally, the property includes secured trailer parking that is available to all tenants and an onsite basketball court.