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Waveland Ventures' New Market Opportunity Fund Closes $9.9 Million Transaction In Colorado (January 2007)

DENVER, COLORADO - Waveland Ventures' New Market Opportunity Fund has closed on a $9.9 million commercial real estate transaction utilizing New Market Tax Credits from the Colorado Growth and Revitalization Fund. Joining Waveland on this transaction was St. Charles Town Company as the development partner along with financing from CAPMARK and US Bank.

The project will launch a major retail redevelopment of a long-vacant building and lot at 20th Ave. and Sheridan Blvd., across from Sloan's Lake in the pre-war suburb of Edgewater, Colorado. Approximately 30,000 square feet of completely renovated contemporary retail space will be available for occupancy during the fall or winter of 2007.

The project is a redevelopment of an existing 18,000 square foot building that has been vacant for the past four and one-half years, as well as the construction of an additional 13,000 square feet of retail space on two pad sites. The existing building will receive a complete overhaul, which includes the addition of a front patio and potential rooftop deck areas that are ideal for restaurant users.

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