Essex Financial Group arranged a $9 million permanent loan for BD Omni #1, LLC, a Colorado limited liability company co-managed by H. Dean Properties and Benitez Asset Management, LLC to refinance Denver Airport Business Park, an industrial flex property located in the airport submarket of Denver, CO. BD Omni #1, LLC purchased the three-building portfolio totaling 91,500 square feet in 2014.
Essex placed the $9M permanent loan with a national credit union in a cash-out refinance transaction. The 10-year loan features a competitive fixed interest rate with three years of interest-only, followed by a 30-year amortization. The loan is open to prepayment throughout the life of the loan, with the additional ability for the Sponsor to pay down any amount of principal at any time. The loan incorporated a partial recourse structure throughout the life of the loan.
built in 2008, the industrial flex buildings, known as Denver Airport Business
Park, sit just south of the Peña Blvd and Tower Rd intersection by Denver
International Airport. The property has 24’ clear heights and has approximately
70% office finish. The property is currently 100% occupied by seven (7) tenants
that cover a wide variety of industries. The property’s location in Denver
County along with its proximity to I-70 and E-470 make it an attractive
location to tenants.
Essex’s Capital Markets team was led by Vice President Alex Riggs and Assistant Vice President Blaire Butler.
- Capital Source: Credit Union
- Purpose: Refinance existing debt and return equity to investors
- Loan Amount: $9,000,000
- Interest Rate: Fixed
- Loan Term: 10 Years
- Amortization: 3 Years Interest-Only, followed by 30-year amortization
- Recourse: Carve-Out Guarantees Only