Asana Partners has completed a $125 million refinancing of Larimer Square, a historic adaptive-reuse, mixed-use property in downtown Denver. The new loan was provided by Wells Fargo Bank and is secured by the prominent city block that Asana acquired in December 2020 for $92.5 million.
Larimer Square encompasses approximately 513,000 square feet and is described as an adaptive-reuse asset incorporating multiple uses in a historic setting. The collateral for the refinancing includes properties located at 1400-1465 Larimer Street and 1317 14th Street, according to Commercial Search. These properties make up a key portion of the historic downtown block.
The largest component of the collateral is a 15-building cluster at 1400 Larimer Street, totaling 240,847 square feet. This grouping traces its origins back to 1886 and has undergone several phases of construction and expansion through 2003. The four-story complex sits on 2.3 acres and features 142,000 square feet of ground-floor retail space.
Larimer Square’s tenant roster spans restaurants, office users, and retailers, reflecting the mixed-use character of the property and the broader downtown Denver environment. The combination of historic architecture and multiple use types positions the asset as a notable example of adaptive reuse in an urban core setting.
Beyond this individual property, Asana Partners maintains a sizable national footprint in retail real estate. The firm currently manages 10.3 million square feet of retail assets across 25 cities, indicating a diversified portfolio focused on retail-driven environments.
In a separate but related capital strategy move, Asana Partners recently formed a joint venture with Norges Bank Investment Management, creating Asana Partners Strategic Partners I. The partnership is targeting core and core-plus neighborhood retail assets. Norges Bank Investment Management has committed $500 million in equity to the venture, underscoring institutional interest in this retail segment.
The refinancing of Larimer Square by Wells Fargo Bank, alongside the new equity commitment from Norges Bank Investment Management to Asana Partners’ broader retail strategy, illustrates ongoing lender and institutional investor engagement with well-located, retail-oriented mixed-use properties.
