Boulder, CO – Essex Financial Group (“Essex”) secured a $5.0M loan for Burden, Inc. (the Sponsor) to refinance its Walnut Offices Portfolio located in the heart of central Boulder, Colorado. The portfolio is comprised of three office buildings totaling 24,977 square feet. Essex structured a loan modification with the existing life insurance company lender to provide more loan proceeds to the Sponsor in a cash-out refinance.

The existing loan was originated in 2014 and was set to mature in 2029. Given the current interest rate environment, the Sponsor wanted to get ahead of the loan maturity and explore a refinance. Although there were competitive options from multiple insurance company lenders, the Sponsor elected to modify the loan with the existing lender. The life insurance company lender proposed a 7-year, fixed-rate B note at a competitive market interest rate along with an extension of the A note to match the new maturity date. The lender also modified both loans to amortize on a 40-year schedule, something extremely rare for an office property in the current environment. Finally, the lender greed to waive any prepayment penalty with the restructuring of this loan.

The Walnut Offices Portfolio is 100% leased to 12 tenants representing a diverse mix of industries including medical and marketing companies. The Portfolio has a strong historical occupancy boasting above 97% since the Sponsor purchased the buildings in 2013. The properties are located just north of the University of Colorado at the intersection of Walnut Street and 26th Street between two prominent outdoor shopping centers, 29th Street Mall and Pearl Street Mall, home to hundreds of local shops, restaurants and breweries. The Property also benefits from an excellent demographic profile with a nearly 100,000 people living within a 3-mile radius of the Property with an average household income well above the national average at $104,167.

Essex’s capital markets origination team was led by Alex Riggs and Blaire Butler. The loan is serviced by Essex Financial Services. 

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

About Burden Inc.
Burden Inc., is a family-owned investment and brokerage company located in Niwot, Colorado. The company specializes in the ownership, leasing and management of mixed-use residential, multi-tenant office, and retail properties. Burden, Inc. currently manages a real estate portfolio valued at approximately $70,000,000, with all properties located throughout the Front Range cities of Colorado.