Regency Centers Lands Refi for Colorado Shopping Center

Alcove on Arapahoe. Image via Google Street View

A joint venture led by Regency Centers Corp. has received $26.7 million in financing for Alcove on Arapahoe, a 159,050-square-foot shopping center in Boulder, Colo. Working on behalf of the borrower, JLL placed the 10-year, fixed-rate loan with Nationwide.

Located at 2798 Arapahoe Ave., the Class A shopping center was developed in 1957 and most recently renovated in 2019. The Safeway-anchored property has HomeGoods, Verizon Wireless and Flower Child on the tenant roster. According to JLL, more than 96,000 residents earning an average annual household income of $104,000 live within a 3-mile radius of the retail asset.

Alcove on Arapahoe is less than a mile from downtown Boulder, within a prominent retail area that also includes Village Boulder Shopping Center and Twenty Nineth Street. The property is one block north of the University of Colorado at Boulder.

JLL Senior Directors Tarik Bateh and Kristian Lichtenfels, together with Associate Jennifer Swanson, led the Capital Markets debt placement team which secured the financing. In March, JLL Capital Markets arranged the $69.5 million refinancing of another Boulder property.