Asana Partners has refinanced Larimer Square, its historic mixed-use property in downtown Denver, with a new $125 million loan from Wells Fargo Bank. The property, acquired by Asana in December 2020 for $92.5 million, spans 513,000 square feet and represents one of the city’s best-known adaptive-reuse destinations.
The refinancing is secured by a collection of buildings concentrated along Larimer Street and 14th Street in Denver’s central business district. According to Commercial Search, the collateral includes properties at 1400-1465 Larimer St. and 1317 14th St. The largest segment of the collateral is a 15-building cluster at 1400 Larimer St., totaling 240,847 square feet. This portion of Larimer Square traces its origins to 1886 and has undergone multiple construction and expansion phases through 2003.
The four-story complex at 1400 Larimer St. occupies 2.3 acres and features 142,000 square feet of ground-floor retail space. The tenant mix across Larimer Square includes restaurants, office users and retailers, reflecting the asset’s positioning as a multi-tenant, mixed-use block rather than a single-tenant or single-use property. The historic character of the buildings, coupled with ongoing redevelopment over more than a century, underpins the project’s role as an adaptive-reuse asset in Denver’s urban core.
Beyond Larimer Square, Asana Partners manages a broader retail-focused portfolio across the United States. The firm reports overseeing 10.3 million square feet of retail assets in 25 cities. In a separate but related capital initiative, Asana has formed Asana Partners Strategic Partners I, a joint venture with Norges Bank Investment Management. The vehicle targets core and core-plus neighborhood retail properties, with Norges committing $500 million in equity to the partnership.
The refinancing of Larimer Square, combined with the launch of the new joint venture, highlights Asana Partners’ focus on scaled retail and mixed-use strategies in urban environments, while securing long-term institutional capital for neighborhood retail investments.
