Colorado Springs, CO (July 15, 2021) – Essex Financial Group (“Essex”) recently arranged a $6,000,000 non-recourse loan to refinance the existing debt 1610 Garden of the Gods Road. Essex originated the loan with one of its life insurance company relationships, and the 15-year term came with a very competitive fixed interest rate. The new loan was used to refinance a bank loan, return equity, and fix the debt constant for a long-term holding period.
1610 Garden of the Gods Road is a 104,000 square foot industrial building that was built in two (2) phases between 1979 and 2000. The building features 18-20’ clear heights, four (4) dock-high loading doors, and two (2) drive-in loading doors. The building was originally developed for a single user, but the property owner multi-tenanted the building in 2017 to take advantage of the industrial fundamentals in Colorado Springs. The property was 100% leased to six (6) tenants at the time of refinance.
Essex’s Capital Markets team was led by Cooper Williams, Paul Donahue, and Nate Schneider.