NewMark Merrill Secures $62M Refi for CO Retail Asset
After a five-year redevelopment process, the shopping center opened and was more than 90 percent leased. The property is leased to approximately 40 retailers.
By Adina Marcut
Village at the Peaks
NewMark Merill Mountain States has secured the $62 million refinancing of the Village at the Peaks, a 442,000-square-foot shopping center in Boulder, Colo., and announced its completion.
Back in April, the company was close to completing Rialto Marketplace, the largest shopping center in the city of Rialto, Calif.
Located at 1250 S. Hover in Longmont, Colo., Village at the Peaks is a five-year redevelopment of the former Twin Peaks Mall by Newmark Merrill Mountain States. The project features a mix of large-format anchors, restaurants and experiences. The property was more than 90 percent leased when Phase 1 finished last year, representing nearly $100 million in investment and creating more than 500 new jobs.
“The reaction of visitors, and the great sales from day one, have demonstrated once again that quality retail, quality merchants and providing quality experiences still provide opportunities for shopping centers to succeed in what to some is a very challenging retail environment,” Sandy Sigal, president & CEO of NewMark Merrill Cos., said in a statement. “The financing provided by Allianz provides us a long-term debt platform that allows us to focus on the operation and programming that the community deserves.”
The shopping center is leased to approximately 40 retailers, restaurants and services such as Whole Foods Market, Sam’s Club and Regal Cinemas, Wyatt’s Wet Goods, Gold’s Gym, Party City, Tuesday Morning, T-Mobile, Verizon Wireless and others.
Image courtesy of NewMark Merrill Cos.
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