Boulder Shopping Center Garners Significant Lender Interest
JLL Capital Markets has arranged a $26.7 million refinancing for Alcove on Arapahoe, a 159,050-square-foot shopping center in Boulder.
Alcove on Arapahoe is anchored by premier retailers including Safeway, HomeGoods, Verizon Wireless and Flower Child. The property was built in 1957 and most recently renovated in 2019. The center is in the heart of Boulder’s primary retail node at the corner of Arapahoe Avenue and the Denver-Boulder Turnpike, which draws a combined traffic count of 84,000 vehicles per day. Located at 2798 Arapahoe Ave., Alcove on Arapahoe is one block from the University of Colorado at Boulder’s 35,000 students. A dense, affluent, educated population of more than 96,000 residents who earn an average annual household income of $104,000 live within three miles of the center.
JLL worked on behalf of the borrower, an existing co-investment partnership managed by Regency Centers Corporation (NASDAQ: REG), to place the 10-year, fixed-rate loan with Nationwide. The JLL Capital Markets debt placement team was led by Senior Directors Tarik Bateh and Kristian Lichtenfels and Associate Jennifer Swanson.
“Despite current market volatility due to COVID-19, the capital markets remain open for business and Alcove on Arapahoe garnered significant lender interest,” Bateh said. “Regency’s best-in-class operating team and long-term commitment to the property created conviction around the asset’s durability. Nationwide distinguished themselves via their own long track record of retail lending and provided a seamless execution during otherwise turbulent times.”
Photo courtesy of JLL