January 9, 2020 – JLL Capital Markets announced today that it has arranged a $27 million refinancing for TAXI III, a two-building, Class A creative office project totaling 91,775 square feet in the RiNo neighborhood of Denver, Colorado.
JLL worked on behalf of the borrower, Zeppelin Development, to secure the 10-year, 3.85% fixed-rate loan through Bellco Credit Union.
The award-winning complex spans four acres within the larger nine-building TAXI campus that Zeppelin began developing on the former Yellow Cab depot and six acres of surrounding land. The development is located in the heart of RiNo Arts District, a former warehouse district and gritty artist enclave that is now a playground for Denver’s twenty- and thirty-somethings.
Conveniently located near Interstate 70 and 25, TAXI III comprises two office buildings Drive 1, completed in 2012, and Drive 2, completed in 2013. The multi-tenant, four-story properties offer 44 suites averaging 2,039 square feet each and are 86% leased overall.
JLL’s Capital Markets team representing the borrower was led by Senior Director Leon McBroom.
Bellco Credit Union’s team was led by Senior CRE Banking Officer Greg Lundstrom.