Joint Venture Equity and Financing Arranged by HFF for Downtown Denver Open-Air Mall

DENVER--(BUSINESS WIRE)--

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged joint venture equity and financing for a recapitalization of Denver Pavilions, a 351,347-square-foot, open-air, regional shopping mall located in downtown Denver, Colorado.

HFF worked on behalf of the owner, Gart Properties, to arrange a joint venture equity partnership with MetLife Real Estate Investors. Additionally, HFF placed a 10-year, fixed-rate loan for the partnership with Cornerstone Real Estate Advisers.

Featuring a mix of restaurants, entertainment venues and national, regional and local retailers, Denver Pavilions is the largest retail shopping center in downtown Denver. Renovated in 2010, the 95-percent-leased mall is home to a flagship H&M store – Colorado's first H&M location – in addition to a newly-renovated United Artists theater, Lucky Strike Lanes, Banana Republic, Forever 21, BareMinerals, Hard Rock Café, Coyote Ugly Saloon, Barnes and Noble and more. Complete with a 797-stall, two-level, subterranean parking garage, the three-story mall sits on 3.88 acres and covers two half-city blocks with a building bridge on levels two and three that spans Glenarm Place, the downtown street that bisects the mall. Located at 500 16th Street between Welton Street and Tremont Place in downtown Denver, Denver Pavilions is within walking distance to the Colorado State Capitol building, Civic Center Park, the Colorado Convention Center, the Denver Center for the Performing Arts and numerous hotels.

The HFF equity placement team was led by senior managing directors Mary Sullivan and John Jugl.

The HFF debt placement team was led by senior managing director Eric Tupler.

"I can't say enough about Mary, John and Eric," said Mark Sidell, president of Gart Properties LLC. "We have enormous respect and confidence in them and the entire HFF team. This deal, among other recent transactions in Denver, underscores the emergence of Denver as a top-tier city for global retailers and investors alike."

About Gart Partners

Gart Properties is a Denver-based real estate investment, development and management company with a reputation for turning under-performing assets into bustling business successes. The company's portfolio of properties includes office buildings, resort properties, residential developments and more than three million square feet of shopping centers. For more information, visit www.gartcompanies.com.

About MetLife Real Estate Investors

MetLife Real Estate (MetLife) Investors oversees a well-diversified real estate portfolio of more than $62 billion, which is one of the largest in the U.S. and consists of real estate equities, commercial mortgages and agricultural mortgages. MetLife is a global leader in real estate investment and real estate asset management, with a vast network of regional offices that keep in close contact with major real estate markets. For more information, visit www.metlife.com/realestate.

About Cornerstone Real Estate Advisers

Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe and Asia, is one of the largest global real estate investment managers. It provides core and value‐added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. More information is at www.cornerstoneadvisers.com.

About HFF

HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. HF. HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

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