(Read more on the debt and equity markets.)
LONGMONT, CO-Circle Capital Longmont LLC has refinanced its 36-property portfolio here with a $78.15-million loan, according to the lender, GE Real Estate. Located on 116 acres in a primarily commercial, light-industrial area servicing the high-tech industry, the portfolio includes class B suburban office/R&D buildings. GE Real Estate regional director Lance Wright tells GlobeSt.com the loan has a three-year term and an interest rate below 6.5%.
For the borrower, the loan not only pays off a previous loan on the portfolio but also provides capital for tenant improvements. For the lender, Wright says the financing allows GE Real Estate to increase its presence in what has traditionally been a very strong market for the company.
"The Denver market remains strong, and all indicators point to continued growth," he says. Adds Paul Nauschutz, senior director at GE Real Estate, "This deal came together nicely; we were able to navigate the current lending turmoil and maintain full loan proceeds, despite market conditions."
The portfolio is located near several retail centers including the Twin Peaks Regional Mall. Circle Capital principal Ted Hinchman says that the portfolio's ability to accommodate a wide range of user types and space requirements, coupled with increasing demand for flex/office and industrial product in both the Longmont and larger Boulder County markets, "we expect to experience continued and strong absorption within our portfolio."
The deal was brokered by John Rose with Holliday Fenoglio Fowler in Dallas.
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