RE Business Online–A joint venture between Harbert Management Corporation and Bancroft Capital has obtained a $44.6 million loan to refinance Denver Highlands, a 359,919-square-foot office property in Denver. The asset is located at 10375 and 10065 E. Harvard Ave.
The JV acquired the property in 2014 and repositioned the property. Renovations included exterior building improvements, landscaping, renovated lobbies and common areas, new elevators and tenant amenity space.
Proceeds will be used to pay off the existing loan and fund leasing costs to bring the property to stabilization. Dennis Williams of NorthMarq Capital arranged the three-year, interest-only loan. Funds were provided by Bedrock Capital.