Denver, May 18, 2020 – Essex Financial Group (“Essex”) has secured $11.5 million in financing for Kent Place, a 48,175 SF grocery-anchored retail center in the Cherry Hills Village neighborhood of Denver. Essex worked on behalf of the borrower, Continuum Partners, to secure the 15-year, fixed rate non-recourse loan with a national life insurance company.
Originally developed in 2011 in a joint venture partnership with Regency REIT, Kent Place sits adjacent to Cherry Hills Golf Club at the corner of University Blvd and Hamden Ave. The property is part of a 11.5 acre mixed-use development comprised of retail and 300 luxury apartment units, the Kent Place Residences. The former site of Denver Seminary, Kent Place is anchored by a 30,000 SF King Soopers Fresh Fare, the brand’s concept that focuses on freshness, locally-grown produce, and ready-to-eat meal options. The remaining ~18,000 SF is 100% occupied by seven (7) tenants, ranging from national credit tenants to local retailers.
Continuum Partners executed a partner buy-out to purchase Regency’s ownership in the center. Essex arranged an $11.5M acquisition loan to finance the buy-out, which was signed up and rate-locked prior to the COVID-19 pandemic. The loan had a 15-year term with 10 years of interest-only at a competitive interest rate. Due to the fast-moving nature of the acquisition, the loan was positioned for a 30-day close. Within that 30 days, however, the environment of the United States shifted drastically, as precautionary measures were taken into effect to reduce the spread of COVID-19. Amidst temporary retail store closures and significant market volatility, Essex was able to ensure a successful loan closing under the established acquisition deadline, with no change from the previously agreed-upon loan terms.
Essex’s Capital Markets team was led by Vice President Alex Riggs and Assistant Vice President Blaire Butler.
About Essex Financial Group
Essex Financial Group is a commercial mortgage banking firm headquartered in Denver, Colorado, specializing in commercial real estate debt and equity placement. For over 30 years, Essex has helped its clients navigate the capital markets effectively and efficiently to identify the best capital source and structure to meet their needs. For further information, please visit essexfg.com
About Continuum Partners
Continuum Partners is
a Denver-based real estate development and investment management company
founded in 1997. A national leader in urban, mixed-use, large-scale
developments, Continuum’s contributions to Denver’s built environment include
notable landmarks spanning a variety of uses, including hospitality, retail,
office, transit-oriented development, land development, and neighborhood
development. For further information, please visit