Denver firm arranges financing for Kent Place buyout
Essex Financial Group arranged an $11.5 million loan for the acquisition of Kent Place, a grocery anchored retail center in Cherry Hills Village.
Essex’s Vice President Alex Riggs and Assistant Vice President Blaire Butler worked on behalf of the borrower, Continuum Partners, to secure the 15-year, fixed rate nonrecourse loan for the 48,175-square-foot retail center.
Kent Place was developed in 2011 in a joint venture partnership with Regency REIT. The loan, secured through a national life insurance company, will be used to finance the borrower’s partner buy out of Regency’s ownership in the center.
The 10-year interest-only loan was signed and rate-locked before the onset of COVID-19. Despite a statewide stay-at-home order, which went into effect in late March, Essex was able to successfully close within the 30-day established acquisition deadline.
The property is part of an 11.5-acre mixed-use development adjacent to Cherry Hills Golf Club at the corner of University Boulevard and Hampden Avenue. The development features a variety of retail stores, restaurants and the Kent Place Residences, a 300-unit luxury apartment complex. Kent Place is anchored by a 30,000-sf King Soopers Fresh Fare, which focuses on organic, locally grown options and features a sandwich shop, cheese shop and an expanded butcher counter. The retail center also is leased to seven other tenants, including Kriser’s Natural Pet, Modern Market Eatery, Glacier and Patxi’s Pizza.
Featured in the June 17-30, 2020, issue