Life Insurance Company
Cherry Knolls Shopping Center is a 4-building, 132,000 square retail center located in Centennial, CO. Cherry Knolls is 96% occupied by 43 tenants and anchored by a Vitamin Cottage Natural Foods Market, Rite Aid, and Party City.
In a rising interest rate environment, the Borrower hired Essex to source long-term debt and find a life insurance company lender willing to lock an interest rate on a forward basis. The Borrower hired Essex in August 2014 with the intent to lock an interest rate as soon as possible for an existing loan maturing April 2015.
Essex originated a competitive, 10-year fixed-rate loan at the Borrower's requested loan dollars. Essex and its correspondent life insurance company were able to fix the interest rate at term sheet in August 2014, 8-month prior to closing.