Asana Partners has secured a $125 million refinancing for Larimer Square, an adaptive-reuse, mixed-use property totaling 513,000 square feet in downtown Denver. The new loan was provided by Wells Fargo Bank and is secured by the historic Larimer Square block that Asana Partners acquired in December 2020 for $92.5 million.
According to Commercial Search, the refinancing encompasses collateral at 1400-1465 Larimer Street and 1317 14th Street. The largest component of the loan security is a 15-building cluster at 1400 Larimer Street, which totals 240,847 square feet. The historic complex dates back to 1886 and has seen multiple construction phases through 2003, reflecting more than a century of incremental redevelopment on the site.
The four-story, 15-building section at 1400 Larimer Street occupies 2.3 acres and includes 142,000 square feet of ground-floor retail space. Current tenants span restaurants, office users and retailers, underscoring the property’s mixed-use profile and the role of street-level retail as a key component of the collateral package. The broader Larimer Square asset is characterized as adaptive-reuse, indicating that existing structures have been repurposed to support its present mix of uses.
Asana Partners’ activity at Larimer Square comes as the firm continues to scale its presence in the retail sector. The company currently manages 10.3 million square feet of retail assets across 25 cities, reflecting a diversified national footprint in neighborhood and mixed-use retail environments.
In a separate but related strategic move this week, Asana Partners formed a joint venture with Norges Bank Investment Management called Asana Partners Strategic Partners I. The venture targets core and core-plus neighborhood retail assets, aligning with Asana Partners’ operating focus. Norges Bank Investment Management has committed $500 million in equity to the partnership, providing significant capital for future neighborhood retail investments alongside the firm’s existing portfolio holdings such as Larimer Square.
Together, the refinancing of Larimer Square and the launch of the new joint venture highlight ongoing capital deployment into established retail locations with mixed-use and adaptive-reuse characteristics. While detailed loan terms for the Larimer Square refinancing have not been disclosed, the combination of bank financing and institutional equity support underscores the continued appeal of well-located, historically significant retail properties in downtown settings.
