JLL arranges $26.7M loan for Boulder shopping center
Regency Centers-led partnership used the loan proceeds to refinance the Safeway-anchored property
DENVER, May 11, 2020 – JLL Capital Markets announced today that it has arranged a $26.7 million refinancing for Alcove on Arapahoe, a 159,050-square-foot community shopping center anchored by Safeway in Boulder, Colorado.
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.
Alcove on Arapahoe is a Class A grocery-anchored community shopping center featuring 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.
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.”
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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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Regency Centers Corporation
Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.