Essex Financial Group has arranged a $20 million construction loan for Confluent Development to develop the Central Park Business Center, a speculative infill industrial business park that will be located at the intersection of Interstate 70 and Central Park Boulevard. The 243,950 square foot industrial park is scheduled to break ground in March 2021 and will feature two (2) Class A buildings that will be divisible down to 20,000 square foot bays. Both buildings will offer a front-park, rear-load design with 60-foot speed bays, dock-high and drive-in loading, 28-foot clear heights, ESFR sprinklers, and a combined 248 parking spaces (over 1 space per 1,000 SF). Construction completion is scheduled for March 2022.
Essex placed the 5-year, non-recourse construction loan (completion and carve-out guarantees only) with a prominent global insurance company. The full-term interest only construction loan features a very competitive floating rate and an open prepayment structure after construction completion. Additionally, the construction loan does not have any leasing or revenue tests during the 5-year term, and the lender did not require a Libor cap for closing.
- Capital Source: Insurance Company
- Purpose: Construction Financing
- Loan Amount: $20,000,00
- Interest Rate: Floating over LIBOR
- Loan Term: 5 Years
- Amortization: Interest-Only
- Recourse: Completion & Carve-Out Guarantees Only
- Pre-Leasing: 0%