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COLORADO SPRINGS, CO-Westminster Funds has bought Tech Center II in Colorado Springs, using a $9.3-million loan arranged by LJ Melody & Co., the real estate banking arm of CB Richard Ellis. The loan will float over 90-day Libor for a term of five years with a current interest rate of less than 3%.

Tech Center II is a four-story class A office building that was built in 1998 with a total net rentable area of more than 146,000 sf. At the time of financing, the property was 87% leased, with NxTrend Technology, Inc. occupying 60% of the building.

Eric Tupler, senior director, of LJ Melody’s Denver office, secured the funding for this transaction on behalf of the Westminster Funds. The Westminster Funds are a series of investment partnerships sponsored by Westminster Advisors LLC, based in Lake Forest, IL. The Westminster Funds currently consist of approximately $250 million of investment equity primarily from wealthy US and European families, several large insurance companies, numerous foundations and endowments.

Currently, the six investment funds own more than $1 billion of commercial properties across the continental US. Principal Mark Mazur represented the private equity fund in acquiring the property and securing the financing.

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