JLL Capital Markets Arranges the Refinancing of Northglenn Marketplace
JLL Capital Markets recently closed the $28.85 million refinancing of Northglenn Marketplace, a high-profile regional shopping center situated adjacent to I-25 in Northglenn, Colorado, a high-performing suburb approximately a 15-minute drive north of Denver.
JLL marketed the property on behalf of the borrower, a joint venture managed by Hutensky Capital Partners, to secure the five-year floating-rate loan through HTLF.
Built in 1999, the center is anchored by Lowe’s (NAP) and is leased to a dynamic tenant roster, including JOANN, Ross, PetSmart, Woodley’s, Office Depot, Painted Tree Boutiques, dd’s Discounts, Five Below, K&G and Cinzetti’s.
Situated at 421 W 104th Ave., the property is adjacent to I-25 (157,000 VPD) with direct ramp access. The center is just 15 minutes from Denver, 25 minutes from Boulder and 25 minutes from Longmont. Additionally, the average household income within one mile of the property is $81,307, with an average home value of $353,409.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Eric Tupler and Director Rob Bova.
“Ownership has done a tremendous job completing over 189,000 square feet of new leasing since acquisition, as well as executing a creative business plan by activating the northern portion of the center to create tremendous value for the community, tenants and ownership. HTLF did an exceptional job understanding a large asset and the long-term value of the property,” said Bova.