June 18, 2018
Prime Rate
5.00%
2.08%
2.91%
2.94%
Photo of 2930 Umatilla
Property Type
Mixed Use
Transaction Details

$7,600,000 Permanent
Life Insurance Company

Transaction Name
2930 Umatilla
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Transaction Details

2930 Umatilla is a newly-constructed, 23,000 square foot mixed-use building located in Denver’s popular Lower Highlands (LoHi) neighborhood. Perched high above Denver’s Central Platte Valley at one of the highest points in the city, 2930 Umatilla features panoramic views of downtown Denver’s skyline and the Rocky Mountains. The 5-story, Class A building is situated on a 10,073 square foot site and includes 38 parking spaces. The Subject is 100% occupied by six (6) tenants, including four (4) office users and two (2) restaurants

The Proposition

Essex was hired to help source acquisition financing for the Subject Property, which was being acquired at one of the highest values ($/SF) in the city. Given the low cap rate and high rents with only 5-year leases on the office spaces, the buyer needed a lender that understood the asset and its location, and that would provide good terms to help the debt be accretive to the acquisition.

Our Solution

Essex sourced a 60% LTV, non-recourse acquisition loan with one of its leading life insurance company lenders. The 10-year fixed-rate loan had a highly-competitive interest rate with one (1) year of interest-only payments, followed by a 30-year amortization.