Life Insurance Company
This transaction financed a newly-constructed 72-unit multifamily property located in the neighborhood of Jefferson Park in Denver, CO.
Essex Financial Group was hired by the Sponsor to source long-term non-recourse debt to replace the construction debt on the property. Given the rising interest rate environment, the Sponsor was eager to lock rate on permanent debt, despite the fact that the property was not yet fully completed or stabilized.
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 was recently constructed and was in the lease-up stage, the loan was funded with minimum occupancy and rental rate hurdles.