D.A. Davidson & Co. secures $92M for Aurora developments
National investment banking company D.A. Davidson & Co. arranged $92 million of tax-exempt bonds for the development of Aurora Crossroads and High Point, two multiacre, mixed use projects by Westside Investment Partners.
The special district group at D.A. Davidson, made up of 17 people, arranged the financing. The bonds were issued at rates of 4.63% and 4.88%.
The financing is one of many special district transactions in recent years that has raised $1.2 billion for financing public infrastructure in and surrounding the airport growth corridor, which includes developments in Denver, Aurora and Commerce City. Aurora Crossroads spans 209 acres at the southeast intersection of Interstate 70 and E 470, while High Point sits on 272 acres along 64th Avenue north of the Painted Prairie neighborhood.
“The D.A. Davidson team was pleased to raise significant infra structure dollars for the Aurora Crossroads and High Point developments, which will ensure the continued development of these high-profile locations in the city of Aurora and the greater airport growth corridor notwithstanding current uncertainties,” said Laci Knowles of D.A. Davidson. “Growth in our state pays its own way, and these early stage financings continue to pave the way for incredible new projects that will provide important services and a sense of community for city residents and airport visitors alike.”
Once completed, Aurora Crossroads will feature an adjacent six-story regional hospital and medical offices, a 125-room hotel and more than 300,000 square feet of commercial development. The High Point development will feature a 100-room hotel, 713 multifamily residences, 800,000 sf of retail space, 175,000 sf of office space and an additional 175,000 sf of mixed-use commercial space. There also is industrial development planned for 152 acres at High Point. The 250,000-sf JPMorgan Chase bank data center, one of the first developments at the Aurora Crossroads site, opened earlier this year.
Featured in the November 4-17, 2020, issue of CREJ