Denver, April 27, 2020 – Essex Financial Group (“Essex”)
has secured $12.1 million in financing for the Forty45 Townhomes, a brand new, 33-unit
townhome project located in the Sunnyside neighborhood of Denver. Essex worked
on behalf of the borrower, HM Capital Group, to secure the 15-year, fixed rate non-recourse
loan with a national life insurance company.
The
Forty45 Townhomes are part of the greater Block Forty45 development, a unique
combination of residences, office and retail located at 4045 Pecos Street in
Denver’s historic Sunnyside neighborhood. Comprised of five individual
buildings, the townhomes feature 3-bed, 3.5 bath layouts varying in size from
1,551 SF to 2,010 SF and have modern finishes throughout. Each townhome has an
attached 2-car garage and other amenities including private rooftop decks with
fantastic downtown and mountain views.
Recently
built, the Forty45 Townhomes project was completed in multiple stages, with the
first building having been delivered at the end of 2019 and the fifth building
achieving certificate of occupancy in early 2020. The townhomes, which are
currently in lease up, were approximately 65% occupied at the time of funding. The
purpose of the financing was to return construction capital and lock in a
long-term loan in accordance with HM Capital’s business plan. Even under the current market conditions,
Essex was able to ensure a successful execution for the borrower on a
multi-family property in lease up during the current COVID-19 pandemic.
Essex’s
Capital Markets team was led by President Cooper Williams and Assistant Vice
President Paul Donahue.
_____________________________________________________________________________________
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 HM
Capital Group
HM
Capital Group is an infill real estate development firm, owner’s
representative, and real estate development consultant based in Denver,
Colorado. The Company has extensive experience in both residential and
commercial development, lending, construction management, design, and
brokerage. As a real estate developer and real estate development consultant in
Denver, HM Capital has completed numerous commercial and residential real
estate development projects. While their projects are mostly in Denver, HM
Capital Group has done real estate development and consulting work all around
Colorado. For further information, please visit hmcapitalgroup.com