FirstBank Announces Nearly $100 Million in Loans for Cherry Creek North Developments

Colorado’s Largest Locally Owned Bank Partners with Real Estate Developers to Transform Cherry Creek North District

LAKEWOOD, Colo.--(BUSINESS WIRE)-- FirstBank Holding Company, the Lakewood-based holding company for the largest locally owned banking organization in Colorado, announced loans totaling nearly $100 million for developments in the Cherry Creek North district, including two of the area’s most high-profile projects—250 Columbine and 245 Columbine. Once completed, these multi-level developments will dramatically enhance the high-end shopping and business area with new retail stores, residences, office space, restaurants and a 155-room luxury hotel.

Located on the east side of Columbine Street between East Second and East Third Avenues, 250 Columbine is being developed by Western Development Group, a Denver-based real estate development company specializing in mixed-use projects in Colorado, with a $50 million loan from FirstBank. The project will include two architecturally-striking buildings separated by a mid-block drive aisle, and will feature a balance of residences and office space overlooking downtown, with retail wrapping the building at street level. The project will feature two exciting restaurant concepts—Sol Cocina, which features Mexican cuisine that honors the flavors of the Baja region with over 60 artisan tequila, and Blue Island Oyster Bar, an upscale “dock-to-table” seafood restaurant that will offer both wild diver-caught and farm-raised oysters.

“250 Columbine is another example of Cherry Creek North raising the bar to maintain its position as the most sought after shopping districts in the Denver area,” said Roy Kline, partner with Western Development Group. “We had a wonderful experience partnering with FirstBank on a previous project, and appreciate working with a local bank that understands the community and shares our vision.”

Situated directly across the street from the project at 250 Columbine, 245 Columbine is a joint venture between BMC Investments and Sage Hospitality, one of the country’s leading hotel and restaurant management companies. FirstBank provided $41.7 million in funding for the project, which will include a luxury boutique hotel with 155 guestrooms, a restaurant operated by Sage Restaurant Group and 5,900 square feet of retail space. Currently slated to open in the summer of 2016, the hotel will also offer state-of-the-art meeting and event space, a rooftop deck, fitness center and valet parking.

“We are honored to be part of Cherry Creek North’s current transformation and work with visionary partners like Western Development, BMC Investments and Sage Hospitality,” said Tom Wright, market president of FirstBank Cherry Creek. “We strongly believe in these projects and are proud to have a stake in developments that will improve our community.”

Additionally, FirstBank provided two loans of more than $5 million to Schnitzer West, LLC, a leading real estate investment firm based in Seattle, to purchase retail buildings in the area. One loan for $2.7 million was used to purchase properties at 250 Fillmore and 262 Fillmore and the other, for $2.3 million, was used to purchase 242 Milwaukee and 246 Milwaukee. The company is considering plans to redevelop the buildings on Fillmore in the near future, while those on Milwaukee will remain leased as retail outlets for the time being.

FirstBank’s involvement in the continued growth of Cherry Creek North goes beyond funding other projects. In 2015, FirstBank will open a branch at 100 Saint Paul, a new eight-story, state-of-the-art 149,000-square-foot office/retail space.

For more information about 250 Columbine and 245 Columbine visit 250Columbine.com and BMCInv.com, respectively. For information on FirstBank’s personal, home and business lending services, visit eFirstBank.com.

About FirstBank

FirstBank operates more than 120 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 650,000 customers.

Since 2000, FirstBank has contributed more than $50 million and thousands of volunteer hours to charitable organizations. FirstBank is unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.

Member FDIC

Equal Housing Lender

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FirstBank
Brian Jensen, 303-235-1400
[email protected]
or
Linhart Public Relations
Jake Kubié, 303-515-2414
[email protected]

Source: FirstBank Holding Company

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