C&W Arranges $127.8 Million in Financing for Park Central
Cushman & Wakefield Equity, Debt and Structured Finance arranged a $127.8 million loan on the office building Park Central in Denver. Aareal Capital Corporation provided the five-year floating rate facility to an affiliate of Chicago-based Walton Street Capital LLC., which was advised by the Cushman & Wakefield team.
Park Central is a 558,000-square-foot Class A office building located at 1515 Arapahoe Street, at the gateway of Denver’s Lower Downtown district. It includes three towers: one 16 stories tall, one eight stories and one 11 stories.
“Park Central is a terrific asset, and Walton Street is a well-respected investor/operator of commercial real estate nationally, the primary factors which attracted the many lenders to this offering,” said Steven Kohn, president of Cushman & Wakefield Equity, Debt and Structured Finance.
In 2007, Walton Street Capital completed its acquisition of Park Central for $140 million from Beacon Capital Partners. The property has undergone extensive renovations over the past several years, including a $1.5 million lobby renovation completed in 2011. In total, nearly $26.2 million has been spent on capital and tenant leasing-related projects since 2002.
The Cushman & Wakefield Equity, Debt and Structured Finance team included Mr. Kohn, Alex Hernandez, Mark Root and Sridhar Vankayala. They worked in tandem with Mike Winn and Tim Richey from Cushman & Wakefield’s Denver Capital Markets team.