COLORADO SPRINGS, COLO. — ABMAR Investments has received a $5.7 million loan for refinancing for Union Square Shopping Center, a retail property at 5035-5069 N. Academy Blvd. in Colorado Springs. Andrew Deaver, Rob Bova and Tom Gilliland of JLL Capital Markets secured the three-year, floating-rate loan for the borrower. The financing allowed the ABMAR Investments to refinance its existing loan and fund upcoming improvements for tenant Crunch Fitness, along with additional capital expenditures.
Built in 1978 and renovated in 2005, Union Square features 69,347 square feet of retail space and 582 surface parking spaces on 8.3 acres. At the time of sale, the shopping center was 98 percent leased to 13 tenants, including Crunch Fitness, Chipotle Mexican Grill, Edward Jones, 7Brew Coffee and Big 5 Sporting Goods.