Denver-capital Photo of Denver byShutterstock

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JLL Capital Markets announcedthat it had arranged a $26.7 million refinancing for a Boulder,Colorado shopping center anchored by a Safeway grocerystore.

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The deal announced Thursday willallow a partnership managed by Jacksonville, Florida-based realestate investment trust Regency Centers Corporation to land a10-year, fixed-rate loan for Alcove on Arapahoe, a159,050-square-foot center anchored by Safeway. The property, whichalso includes HomeGoods, Verizon Wireless and Flower Child astennants, sits one block from the University of Colorado atBoulder, which normally has a student population of about35,000. 

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JLL Capital Markets SeniorDirector Tarik Bateh, who led the debt placement teamalongside  colleague Kristian Lichtenfels and associateJennifer Swanson, says the market "continues to attract core realestate investment capital."

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"The city is seen as one of themost sought-after submarkets of the broader Denver Metro area withgreat core characteristics: high barriers to development, affluentdemographics, a highly educated workforce and broad base ofemployment industries including tech, aerospace, engineering andhealthcare companies as well as the University of Colorado," Batehsaid.

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The property, built in 1957 andrenovated in 2019, sits at 2798 Arapahoe Avenue at the corner ofDenver-Boulder Turnpike, a location that draws a total of 84,000vehicles per day. More than 96,000 people live within three milesof the center and the average annual household income in the areais $104,000.

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"Despite current marketvolatility due to COVID-19, the capital markets remain open forbusiness and Alcove on Arapahoe garnered significant lenderinterest," said Bateh, whose team placed the loan with Nationwide."Regency's best-in-class operating team and long-term commitment tothe property created conviction around the asset's durability.Nationwide distinguished themselves via their own long track recordof retail lending and provided a seamless execution duringotherwise turbulent times," Bateh said.

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Ross Todd

Ross Todd is the Editor/columnist for the Am Law Litigation Daily. He writes about litigation of all sorts. Previously, Ross was the Bureau Chief of The Recorder, ALM's California affiliate. Contact Ross at [email protected]. On Twitter: @Ross_Todd.