Essex Financial Group (“Essex”) arranged two (2) acquisition loans on behalf of CentrePoint Properties and Dunton Commercial (“Sponsor”). The loans facilitated the purchase of the Interquest Portfolio (241,232 square feet of Class A office/flex in Colorado Springs) and 6th Avenue West (124,010 square feet in Golden, Colorado).
The Interquest Portfolio is one of the best-in-class, single-story office properties in Colorado Springs and is located along I-25 in the premier Interquest Business Park. The single-story office/flex portfolio is 82% leased to a mix of technology and healthcare tenants, and more than 75% of the in-place tenants have publicly traded investment grade parent companies. The Sponsor acquired the Interquest Portfolio in a joint venture with Westside Investment Partners.
sourced a $27,850,000 bridge loan to facilitate the lease-up and stabilization
of the asset. The 5-year loan has an
attractive floating rate and future funding component to cover future tenant
improvements and leasing commissions. The
loan was placed with a well-known, national life insurance company.
6th Avenue West is a value-add, eight-story building located in in the supply constrained Denver West Submarket. The property is currently 75% occupied by 14 tenants in a wide range of industries including medical, professional services, and financial services. 6th Avenue West boasts an on-site amenity package that is rare and best in class for West Denver.
Essex placed a similar $18,620,500 bridge loan on the property, in accordance with the Sponsors’ business plan. The 3-year loan was also placed with a national insurance company, and provided a very flexible prepayment structure for the Sponsors to be opportunistic with refinance/disposition timing.
Essex’s Capital Markets team was led by President, Cooper Williams, and 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 CentrePoint Properties
CentrePoint Properties is a privately held commercial real estate investment firm operating out of Denver, Colorado. CentrePoint identifies under-performing assets across the local market and repositions them within the marketplace to create a significant growth in value. www.cpointproperties.com
About Dunton Commercial
Dunton Commercial is a privately held commercial real estate investment company located in Greenwood Village, Colorado. It specializes in commercial real estate investments, property management, accounting, and advisory services and manages 3 million square feet of oﬃce, retail, and industrial assets throughout the Colorado front range. www.dunton-commercial.com