[Denver, June 29th, 2020]– Essex Financial Group (“Essex”)
has secured $7,800,000 in financing for the Wheeler Block Building, a 33,125
square foot office building located in the Highlands neighborhood of Denver. Essex
worked on behalf of the borrower, Centre Point Properties, to secure the 7-year,
fixed-rate non-recourse loan.
Constructed in 1892 and renovated in 2008, the Wheeler Block Building is a highly desirable small tenant office building and is a designated historic landmark of the City and County of Denver. The Property is currently 97.1% occupied by 23 tenants. The Building is brick and timber construction with historic architecture, and has an open, modern feel with contemporary finishes. The Building is ideally located within proximity to some of Denver’s most popular residential communities, restaurants, and cultural attractions, and the Subject Property has direct and easy access to I-25.
Centre Point Properties acquired the building in 2016. At the time of acquisition, the property was only 77% occupied with below market rents. Centre Point has successfully re-tenanted the property, increasing the occupancy to 97.1% and moving rents to market. The new loan, which refinances an existing bridge loan, was committed and rate locked during the COVID 19 pandemic. The loan was sourced and closed in less than four (4) weeks. The loan features an attractive fixed interest rate and structure, with 2 years of interest-only and no prepayment penalty.
Essex’s Capital Markets team was led by President Cooper Williams, Assistance Vice President Paul Donahue, and Real Estate Analyst Harry Green.
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
Centre Point Properties
Established in 2008
and located in Denver, Colorado, Centre Point Properties is a real estate
investment firm that teams with equity investors in general partnership
entities and promotional structures. Centre Point deploys a strategic vision
that delivers long-term value creation and stability. Centre Point is actively
growing its investment portfolio, focusing on retail, office, and industrial
value-add assets. Centre Point
Properties’ current Denver portfolio consists of eleven (11) commercial real
estate assets totaling ~500,000 square feet.