November 21, 2017
Prime Rate
4.25%
1.29%
2.35%
2.33%
Photo of 188 Inverness
Property Type
Office
Transaction Details

$39,000,000 Permanent
Life Insurance Company

Transaction Name
188 Inverness
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Transaction Details

188 Inverness is a premiere Class A office building located within the Inverness Business Center in southeast Denver, CO. The 8-story, 257,000 square foot office building was constructed in 1990 as a build-to-suit for US West. 188 Inverness features reinforced concrete and steel frame construction with full-height glass walls and a 2-story atrium with maple wood paneling and terrazzo floors.

The Proposition

Essex's client, Corporex, acquired 188 Inverness in 2004 when the Subject Property's sole tenant, US West, vacated the building. Corporex quickly leased up the Subject Property to 92% occupancy with Catholic Health Initiatives as its anchor tenant, and turned to Essex for a long-term loan upon stabilization.

Our Solution

Essex recapitalized 188 Inverness with a $39 million loan with one of its exclusive life insurance company correspondents. The 10-year non-recourse loan has a competitive fixed rate and a 30-year amortization.