$14,250,000
Permanent
Life Insurance Company
1155 Canyon is a 92,400 square foot mixed-use building located in the heart of downtown Boulder, CO. The property consists of office space and as well as 18 high-end condominiums. The collateral for this loan request was limited to the 57,886 square feet of office space. The property is located in a premier location, just 2 city blocks south of Downtown Boulder’s famous Pearl Street mall.
Essex’s client’s existing debt was due in July of 2017. In January, Essex secured a 120-day forward rate lock and commitment with a life-insurance company to refinance their existing debt. The new loan closed in June, to coincide with their 30-day open prepay window. The client was interested in proceeds to pay off their existing debt, cover ordinary closing costs, and provide for a Tenant Improvement Reserve in order to cover leasing costs for pending tenant turnover.
Essex Financial Group arranged $14,250,000 in loan proceeds with a correspondent life insurance company. This non-recourse loan offered the borrower an interest below 4%, including a one year interest only period, a TI reserve funded at closing, a 10-year team and 30-year amortization.