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Focus Property Group has obtained a $69M construction loan to go ahead with a new hotel near Union Station, a Hilton Garden Inn at 20th Street and Chestnut Place with 233 rooms. The 42-month, fixed- and floating-rate structured financing included $18M in mezzanine debt and $8M in preferred equity, with Bank of the Ozarks as senior lender, Artemis Real Estate Partners as the mezz lender, and EverWest Real Estate Partners as the preferred equity lender.
The hotel will be built around the historic Denver Hose Co No. 1 building, which will be restored and incorporated into the new structure. The property is Focus Property Group’s first hotel, though the company has developed office, retail and self-storage in central Denver, including adaptive reuse of historic buildings.
JG Johnson Architects designed the property; Davidson Hotels will be the operator. Marc Sallette, David Treadwell, Mike Cantwell and Olga Lepow, with CBRE Hotels’ Debt & Structured Finance teams in Houston and Denver, secured the loan on behalf of the borrower.
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