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April 1, 2015

FirstBank provides loans for developments in Cherry Creek North district, US

The Jamaica Hotel & Tourists Association (JHTA) is introducing an occupancy surcharge to help its members offset increasing crude oil prices. Hotels will have the option to introduce the surcharge to their winter room rates from 15 December. JHTA president Wayne Cummin

245 Columbine

US-based FirstBank has granted nearly $100m of loans to two different developments in the Cherry Creek North district.

Real estate development company Western Development Group has been allocated $50m to develop the new 250 Columbine on the east side of Columbine Street, between East Second and East Third Avenues.

With two buildings separated by a mid-block drive aisle, the project will feature a mix of residences and office and retail space, two restaurants and an upscale ‘dock-to-table’ seafood restaurant.

Western Development Group partner Roy Kline said: "250 Columbine is another example of Cherry Creek North raising the bar to maintain its position as the most sought-after shopping district in the Denver area.

"We had a wonderful experience partnering with FirstBank on a previous project, and appreciate working with a local bank that understands the community and shares our vision."

"Cherry Creek North [is] raising the bar to maintain its position as the most sought-after shopping district in the Denver area."

The second project to benefit, directly across the street from the first, is 245 Columbine, which is being developed under a joint venture between BMC Investments and Sage Hospitality.

FirstBank provided funding of $41.7m for the project, which will feature a 155-room boutique hotel, a restaurant operated by Sage Restaurant Group and 5,900ft² of retail space.

The hotel is expected to open in mid-2016 and will provide meeting and event space, a rooftop deck, fitness centre and valet parking.

FirstBank also agreed to two loans of more than $5m for real estate investment firm Schnitzer West to purchase retail buildings in the area.

Loans amounting to $2.7m were used to purchase properties at 250 Fillmore and 262 Fillmore, and a further $2.3m to purchase 242 Milwaukee and 246 Milwaukee.


Image: 245 Columbine is a joint venture between BMC Investments and Sage Hospitality. Photo: courtesy of Business Wire.

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