Life Insurance Company
This transaction financed a newly-constructed 72-unit multifamily property located in the neighborhood of Jefferson Park in Denver, CO.
The Sponsor hired Essex Financial Group to refinance their construction debt with long-term, non-recourse debt. The Sponsor was eager to lock an interest rate as soon as possible.
Alex Riggs was able to lock a highly competitive interest rate for the Sponsor in November 2017, structured with two forwards for a closing in June 2018. Essex originated a $12,100,000 permanent, non-recourse loan with one of its correspondent life insurance company relationships. Since the property had not yet reached stabilization at the time of rate lock, the loan was funded with minimum occupancy and rental rate hurdles.