Life Insurance Company
Centennial Industrial Park is a 35,000 square foot light industrial property located east of Centennial Airport and approximately 18 miles southeast of downtown Denver. The Property was developed in 1984. Essex's client purchased the property in 2016 and has since completed extensive renovations at the property. Each unit offers a garage and warehouse space with a grade level door and contiguous office space. At closing, the property was 100% occupied by ten local and regional industrial tenants.
Essex's client utilized a bank loan to finance their 2016 acquisition and renovation, and was seeking to refinance that loan with a long term, non-recourse loan with a low interest rate.
The COVID-19 pandemic created significant challenges for all parties, including difficulties arranging site visits and verifying tenants are open for business and paying rent. However, both the client and the lender exercised patience and were effective in overcoming these challenges to close the loan on-time.
Essex arranged the $2.4M loan from a life insurance company to refinance its client's existing bank loan. The new loan had a 15-year term at a competitive interest rate and was signed up and rate locked in the early days of the COVID-19 pandemic. Amidst significant market volatility, Essex was able to ensure a successful loan closing under the established acquisition deadline, with no change from the previously agreed-upon loan terms.