Done Deals: JLL arranges $26.7 million loan for Boulder, CO shopping center

Jennifer Swanson

DENVER, CO, 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.

Tarik Bateh

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.

Kristian Lichtenfels

“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.