Hines, Ivanhoé Cambridge and McCaffery finance T3 RiNo in Denver with $91M Green Construction Loan
Co-developers, Hines, Ivanhoé Cambridge and McCaffery, international real estate firms, announced today the construction financing of T3 RiNo with a $91M Green Construction Loan. The loan is aligned with the Green Loan Principles as established by the Asia Pacific Loan Market Association, the Loan Market Association and the Loan Syndications and Trading Association as of February 2021, which outline project requirements to maintain tracking towards LEED certification throughout the life of the loan.
Ivanhoé Cambridge and Hines have partnered over the last 18 years in developing some of the world’s most iconic and city-defining projects, and T3 RiNo’s Green Construction Loan follows two other Green Construction Loans for Hines and Ivanhoé Cambridge partnerships – CIBC SQUARE 141 Bay in Toronto and Corporativo Neuchâtel in Mexico City.
“Hines strives to be an industry leader in sustainability, and we are thrilled this green loan will support T3 RiNo in its mission to meticulously incorporate progressive environmental and economic solutions, from concept to development,” said Alexandra Morton, Director at Hines. “Our continued collaboration with Ivanhoé Cambridge demonstrates a shared commitment to ensuring not only great financial performance for our investors, but also a positive impact on communities where we invest.”
“Financing T3 RiNo with a green construction loan is yet another testimony of how we incorporate environmental, social and governance (ESG) factors into all aspects of our projects,” said Guenhaëlle Surpas-Lemonnier, Vice-president, Legal Affairs, Corporate Services & Capital markets at Ivanhoé Cambridge. “Creating a more sustainable future means we need to use all the tools at our disposal, including financial tools. We believe the finance sector has a key role to play as we face climate change, and we are driving green finance innovation forward in our industry.”
T3 RiNo is designed to attain a LEED® Gold certification for the protection of the environment and limitation of carbon emissions. Additional certifications the property is expected to achieve include WiredScore Platinum for adaptability of infrastructure to future technological advancements, WELL™ for the health of its interiors and ENERGY STAR for energy efficiency.
“McCaffery is proud to partner with Hines and Ivanhoe Cambridge on T3RiNo. Our collaborative commitment to develop a project that promotes sustainable practices, as advocated by these exemplary certification organizations, will deliver both a solid and sustainable built environment for decades to come,” said McCaffery’s President, Ed Woodbury.
A six-story, 235,000-square-foot T3 (Timber, Transit and Technology) office building in Denver’s River North Art District (RiNo), T3 RiNo will be one of the most environmentally friendly and sustainable developments in Denver. Featuring a carbon-negative heavy timber building structure, the building will benefit from new technologies that optimize the effectiveness of improving indoor air quality (IAQ), natural lighting, surface decontamination, behavioral patterns of physical distancing, as well as the performance and satisfaction of employees. To encourage lower impact commuting options, T3 will provide convenient access to the RTD commuter rail system, bike storage for 100 bikes, designated rideshare pickup and walkability from 3,000 apartment units in the immediate area.
The building’s extensive amenities will establish T3 RiNo as the city’s most creative work environment, one designed to attract and retain the talent that today’s leading companies seek. Designed to foster creativity, collaboration and work/life balance, offerings include hospitality-driven common areas, private outdoor terraces on each floor that seamlessly integrate the outdoors into tenant workspaces, 17,000 square feet of retail space and a 5,000 square-foot fitness center that is complimentary for tenants.
Construction of T3 RiNo began in November 2021 and is expected to be complete in fall 2023.
For more information, visit http://www.t3rino.com.
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About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2021.
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a long-term view to generate optimal, risk-adjusted returns. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.
Vertically integrated in Canada, Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,100 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held close to C$60.4 billion in real estate assets as of December 31, 2020 and is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), a global investment group. For more information: ivanhoecambridge.com.
About McCaffery
McCaffery is a privately owned, full-service commercial real estate company that has been in the business of investing, developing, leasing and managing real estate for nearly 30 years. The McCaffery portfolio of planned, completed and managed projects includes office, mixed-use, hotel, and residential properties, as well as large master-planned communities and land developments. With offices in Chicago, Washington, DC, Pittsburgh and Denver, and controlled assets and completed developments valued in excess of $3 billion, McCaffery is one of the most trusted real estate companies in the nation. Please visit www.McCafferyInc.com for more information.