September 3, 2019 – JLL announced today that it has secured a $6.8 million refinancing for Oneida Park, a 29,186-square-foot retail center that spans an entire city block on both sides of the pedestrian-friendly Oneida Street between 22nd and 23rd Streets in the Park Hill area of Denver, Colorado.
JLL worked on behalf of the borrower, a private investor, to secure the 11-year term loan with three-years interest only at a 3.68% fixed-rate with a correspondent insurance company lender.
Oneida Park comprises seven buildings that are 100% leased to a curated list of complementary food and service retail businesses along with three multi-housing units. Constructed originally between 1948 and 1953, the property recently completed a multi-million-dollar renovation that included new signage, exterior paint, roofs, parking lots, landscaping and development of a central courtyard. Situated at 2255 N. Oneida Street, the retail center is in the heart of Denver’s Park Hill neighborhood. The area has access to downtown and Denver’s largest open space, City Park.
The JLL Capital Markets team representing the borrower was led by Senior Director Kristian Lichtenfels.
“We secured strong insurance company interest for this refinancing opportunity as a result of the borrower’s significant capital investment and the dynamic tenant mix of high-quality restaurant, food and service focused retailers,” Lichtenfels said.