Barth Hotel Conversion Funding Approved: The Denver Deal Sheet
The Denver Downtown Development Authority will support the redevelopment of a historic downtown hotel into housing for seniors with a loan of up to $6M.
Renovation plans for the Barth Hotel at 1514 17th St. include converting the building into 50 residential studios for seniors who make between 30% and 50% of the area median income.
Originally built in 1882, the Barth Hotel is listed in federal and state historic registers and is a designated local Denver landmark. After its time as a hotel, the building served as an assisted living community for 45 years until 2024.
Construction is expected to start in 2027.
The project is applying for additional federal and state funding, which could reduce the amount of the authority’s loan. The hotel conversion is the fourth adaptive reuse development the downtown authority has funded and the 15th overall project since funding first opened.
Eaton Senior Communities, Shopworks Architecture, Deneuve Construction and Urban Ventures Development Services make up the development team.
PEOPLE
Marcus & Millichap Capital Corp. hired Kevin Prouty as a senior director in its Denver office. Prouty works on securing financing for a range of property types with a focus on multifamily. He was previously a vice president with CBRE in Tucson, Arizona.
LEASES
Fivetran, a Denver-based data company, is leasing almost 33K SF of office space in RiNo at Steel House, a Class-A office at 3100 Brighton Blvd. The company will move into the building in October. Newmark represented the tenant with JLL representing the landlord, Beacon Capital Partners.
CONSTRUCTION AND DEVELOPMENT
Developers Opus and Miller Global Properties announced construction is complete on The Bellwether, a 253-unit multifamily community at 7831 E. Union Ave. in the Denver Tech Center. The seven-story complex, which replaced a surface parking lot, includes one-, two- and three-bedroom units. The project was developed in a joint venture with Principal Asset Management.
FINANCING
National mortgage banking company BWE secured a combined $67M in financing for five retail, industrial and office properties across Colorado. The financings include a $20.9M loan to acquire the 169 Inverness office building in Englewood on behalf of the borrower and an $18.5M loan to acquire Pacifica Union, a 257K SF industrial property in Englewood.
BWE also secured a $10.5M loan to refinance a 73K SF retail property in Colorado Springs, Powers and Palmer Retail; a $4M loan to acquire the Highlands Ranch Commerce Center, a 42K SF office and warehouse property; and a $2.7M loan to refinance Westminster Village, a 30K SF retail property that is fully leased.
