FirstBank Plays Key Role in Redevelopment of Denver

LAKEWOOD, Colo., Sept. 5, 2013 /PRNewswire/ -- FirstBank Holding Company, the Lakewood-based holding company for the largest locally owned banking organization in Colorado, today announced several commercial loans which will be used to finance important and high-profile development projects in Denver.

Among them is a $15.5 million loan for Rose Value-Add Office Retrofit Fund, a real estate private equity fund sponsored by Jonathan Rose Companies, Inc., a national green real estate investment and development company. The loan will be used to transform downtown Denver's historic 118,505 sq. ft. office/retail space, Market Center, into an energy-efficient building with amenities that today's technology and creative tenants require. The renovation will include bike lockers, showers, shared conference rooms and collaborative work spaces, as well as new retail storefronts, operable windows and reclamation of the original high ceilings in the tenant spaces.

"We're thrilled to partner with FirstBank for this project," said Chuck Perry, managing partner of Perry Rose LLC, the Denver affiliate of Jonathan Rose Companies. "We've had a 20-year working relationship with FirstBank and they're very much aligned with our company's values of community and social responsibility.  We're looking forward to enhancing Market Center with smart, green improvements and we couldn't have picked a better financing partner for the job."

Jonathan Rose Companies conducted an in-depth analysis of different loan structures and financing options nationwide. FirstBank was selected for the project because it provided the best overall terms and rate, even when compared to national competitors.

FirstBank is also financing the following building and renovation projects:

• Union Station Redevelopment – FirstBank is a key lender helping to finance the redevelopment of Denver's iconic Union Station, which will be transformed into a 22,000 sq. ft. hotel, retail and restaurant destination and transportation hub. The project is expected to be completed in mid-2014.
• Woolley's Classic Suites Hotel – The Dallas-based all-suite concept inventor and hotel chain, Woolley's Classic Suites, recently began construction on its first hotel near Denver International Airport (DIA) in Aurora's Gateway Office Park. The first Woolley's Classic Suites is a four-story hotel featuring 187 guest suites and four executive suites. The hotel will be completed by spring of 2014.
• Marriott Renaissance Hotel – Denver-based hospitality development firm, Stonebridge, is transforming the historic Colorado National Bank building on 17^th and Champa into a 230-room luxury hotel. The Marriott Renaissance is expected to be completed in late 2013.

"It's an honor to be involved in not only the revival and improvement of these Denver landmarks, but to play a small role in helping these innovative companies bring jobs and talent to Colorado." said John Ikard, CEO of FirstBank Holding Company. "FirstBank is proud to partner with other companies that are dedicated to improving local communities; from our perspective, 2014 is shaping up to be a great year for Denver."

In addition, FirstBank helped finance the acquisition and restoration of Denver's most popular tourist attractions:

• 16^th Street Mall/Denver Pavilions – In July 2008, months before the economic collapse, FirstBank helped finance the acquisition of the Denver Pavilions for locally-based real estate investment and management company, Gart Properties. Since Gart Properties acquired the Pavilions, they've upgraded its escalators, elevators and LED signs and most notably, brought in Colorado's first location of the popular global retailer H&M, opening the door for several other leading retailers/restaurateurs to occupy the mall's space.
• Larimer Square – Since 1993, FirstBank has partnered with Larimer Associates, the investment and management company overseeing Larimer Square's historical preservation and continued development. Larimer Associates has been credited with transforming Larimer Square into one of the most recognized shopping, retail and restaurant spaces in Colorado.

About FirstBank
FirstBank operates more than 115 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 600,000 customers.

Since 2000, FirstBank has contributed more than $40 million and thousands of volunteer hours to charitable organizations. 

FirstBank is unique in that a majority of its stock is owned by management and employees.  For more information, go to www.efirstbank.com.

About Jonathan Rose Companies, Inc./Perry Rose, LLC
Jonathan Rose Companies, Inc. is an award-winning real estate investment, development, planning, and owner's representative firm whose mission is to repair the fabric of communities.  It is the first firm in the U.S. to successfully build an investment platform targeting the acquisition and green transformation of existing buildings.  A leading green urban solutions provider for almost 25 years, the firm has managed over $1.5 billion in projects. The firm is recognized for its ability to achieve visionary goals through practical, affordable strategies.  For more information, visit www.rosecompanies.com.

Perry Rose, LLC (PRCO) is the Denver office of Jonathan Rose Companies.  PRCO is best known for its revitalization of the Denver Dry Goods Building in downtown Denver.  PRCO also redeveloped the former Elitch Amusement Park at 38^th and Tennyson into the award winning Highlands' Garden Village and is currently redeveloping the Marycrest Campus at 52^nd Ave. and Federal Blvd. into Aria Denver.

SOURCE FirstBank Holding Company