Asana Scores $125M Refi on Historic Downtown Denver Property

Asana Partners secured a $125 million refinancing for Larimer Square, a 513,000-square-foot, adaptive-reuse and mixed-use property in downtown Denver. Wells Fargo Bank provided the loan. Asana purchased the historic downtown block in December 2020 for $92.5 million.

Commercial Search reports the loan covers the properties at 1400-1465 Larimer St. and 1317 14th St. The largest portion of the collateral is the 15-building, 240,847-square-foot cluster at 1400 Larimer St., which dates back to 1886 and underwent several construction phases through 2003. The four-story complex sits on 2.3 acres and includes 142,000 square feet of ground-floor retail. Its tenant roster includes restaurants, office users and retailers.

Asana Partners currently manages 10.3 million square feet of retail assets in 25 cities. This week, the firm joined forces with Norges Bank Investment Management for Asana Partners Strategic Partners I, a joint venture focused on core and core-plus neighborhood retail assets. Norges committed $500 million in equity to the partnership.