JLL arranges $20M financing for new Denver retail property
Loan proceeds will refinance the borrower’s construction loan
DENVER, August 15, 2019 – JLL announces that it has secured a $20 million refinancing for Central Park Retail, a 61,443-square-foot, Class A, multi-tenant retail center in the Denver-area community of Highlands Ranch, Colorado.
JLL worked on behalf of the borrower, Shea Properties, to secure the 12-year, 3.65%, fixed-rate loan with a correspondent life insurance company lender. Loan proceeds will be used to refinance the borrower’s construction loan.
Completed in 2018, Central Park Retail is leased to 21 nationally and regionally recognized tenants, including Ent Credit Union, Rock Bottom Restaurant & Brewery, Shake Shack, Starbucks, Old Chicago Pizza and Taproom, Torchy’s Tacos and Orangetheory Fitness. The nine-building property can be expanded to 64,243 square feet via development of the final pad site.
Central Park Retail is at 1400 Plaza Drive within the Central Park Master Planned Community, which houses the 87-bed UCHealth Highlands Ranch Hospital; more than 300 high-end, under-construction multi-housing units; 200 under-construction, for-sale single-family residential units; and a three-acre park. Additionally, there are 2.1 million square feet of office space within a one-mile radius of the property and 90,085 residents with an average annual household income of $138,705 within a three-mile radius. The property is approximately 15 miles southwest of downtown Denver on one of only three gateway entry points of the broader Highlands Ranch community.
The JLL Capital Markets team representing the borrower included Senior Managing Director Eric Tupler and Senior Director Kristian Lichtenfels.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Shea Properties
Shea Properties, headquartered in Aliso Viejo, California, is a diversified real estate company responsible for the acquisition, design, development, construction, leasing, and management of business parks, shopping centers, apartment communities and mixed-use environments. Shea Properties currently owns and operates more than 9,000 apartment units and 4.8 million square feet of office, industrial and retail space in California, Colorado and Washington, with a strong pipeline of future projects. Visit https://sheaproperties.com for more information.