Colliers International has arranged $72 million refinancing for eight King Soopers-anchored retail centers in the Denver area.
The Seattle-based firm worked exclusively on behalf of the borrower, which was a joint venture between AmCap Inc. and a state pension plan, to secure the loans through Principal Real Estate Investors.
Proceeds from the new 15-year fixed-rate mortgages, which closed earlier in April, were used to retire existing securitized debt. The weighted average loan-to-value ratio was 60% to 65%.
Assets within the AmCap Denver portfolio range in size between 42,000 and 236,000 square feet and collectively are 95% occupied. Overall, the retail centers that were refinanced by
The centers are primarily supported by grocery stores and community centers located in high-income metropolitan neighborhoods. Besides every retail portfolio being anchored by King Soopers, a division of The Kroger Co., other tenants include Ace Hardware, JPMorgan Chase banks, Dollar Tree, McDonald’s, PETCO and Starbucks.
The Colliers International capital markets team representing the borrower was led by co-chairman Kevin Phelan and vice president Jeff Black in the Boston office.
“AmCap is taking advantage of a prevailing historically low interest rate environment to lock in highly accretive and marketable long-term, assumable fixed-rate financing,” said Black. “We continue to see incredible demand from balance sheet and conduit lenders alike for fixed-rate loans on supermarket anchored retail throughout the nation.”
