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Page 16 — COLORADO REAL ESTATE JOURNAL — January 7-January 20, 2015
Finance
by John Rebchook
Meridian Capital Group
LLC, a national commercial
real estate finance and adviso-
ry firm based in New York City,
has arranged a $15.5 million
commercial mortgage-backed
security loan for the refinance
of the Broadmoor Towne Cen-
ter in Colorado Springs.
The borrower was the Oma-
ha-based Noddle Cos., the
owner of the 142,500-square-
foot center at Nevada Avenue
and Southgate Road.
The seven-year loan, provid-
ed by a CMBS lender, has a
fixed interest rate of 4.51 per-
cent and a 198-month amorti-
zation schedule.
The transaction was negotiat-
ed by Meridian Capital Group
associate Sean Silverbrook and
Brian Flax, managing director.
Tenants in the center include
a 50,000-sf Gordman’s, a
46,097-sf 24-Hour Fitness and a
15,000-sf Office Depot.
The property is on a ground
lease that expires in nine years
and has two 10-year renewal
options.
“The short-term expiring
ground lease presented sig-
nificant challenges for lenders
because of the increased refi-
nance risk,” Flax said.
“Meridian worked closely
with the lender and the spon-
sor to create a highly struc-
tured solution that would be
acceptable to the CMBS bond
market,” Flax said
“By communicating directly
with the B-piece buyer for the
upcoming securitization, we
were able to produce a favor-
able outcome for a very com-
plex situation,” he added.
An estimated 23,860 vehicles
drive past the center each day,
according to Noddle.
There are 10,795 people liv-
ing in 4,456 households within
a one-mile radius of the center.
Within three miles, there are
76,084 people living in 30,185
households.
Extend the radius to five
miles, and the center serves a
population of 189,384 in 73,612
households, according to Nod-
dle.
Within a one-mile radius,
the median annual income is
$54,947 and the average income
is $68,202.
Within a three-mile radius,
the median income is $61,882
and the average income is
$72,459.
Going out another two miles,
the incomes drop slightly.
Within a five-mile radius, the
median household income is
$60,474 and the average income
is about $68,500.
Other News
n The Denver office of HFF
arranged a $6.86 million refi-
nancing for Bradburn Village
Retail Center, a 34,480-square-
foot, Class A, neighborhood
retail center in Westminster,
developed by Denver-based
Continuum Partners.
The HFF team, representing
Continuum, was led by Senior
Managing Director Eric Tupler
and real estate analyst Leon
McBroom.
Tupler and McBroom placed
Broadmoor Towne Center