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EDGEWATER, CO-CBRE/Melody's Denver office recently provided $1.06 million in financing on behalf of a California family trust for its purchase of a 3,700-sf, freestanding retail building at 1705 Sheridan Blvd. The building is 100% occupied by a Washington Mutual branch, which has replaced a Payless Shoe store.
Edgewater's eastern border is Sheridan Boulevard, a major north-south thoroughfare in the Denver area. Edgewater, located across from Sloan's Lake in Denver, covers less than a mile and has a population of about 5,500.
Baxter Fain, vice president and Eric Tupler, senior director of CBRE/Melody's Denver office, secured the loan from a securitized lender. The loan has a fixed-rate of 6.14%. "This building is in an excellent location that is near King Soopers grocery store in a well-populated area," Fain says. "The borrower was in a 1031 exchange needing a tight closing timeframe and the lender was able to close the deal on time."
Washington Mutual's lease expires in 2012. "Even though this deal is a single-tenant deal with a seven-year lease term, we were able to secure a 10-year loan term with no ongoing escrows for the borrower," Tupler says.
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