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.

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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