May 30, 2020
Prime Rate
Photo of Cherry Knolls Shopping Center
Property Type
Transaction Details

$16,500,000 Permanent
Life Insurance Company

Transaction Name
Cherry Knolls Shopping Center
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Transaction Details

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.

The Proposition

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.

Our Solution

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.