Life Insurance Company
Columbine Mini Storage is a non-climate-controlled self storage facility located in Littleton, Colorado that was developed by the Sponsor in 1996. The property is comprised of 13 buildings as well as parking spaces and RV storage.
The Sponsor hired Essex Financial Group to source long term, non-recourse debt. The existing bank loan was due to reset at a higher interest rate, and also included a recourse provision.
Essex Financial Group arranged a $2,500,000 non-recourse loan with one of its exclusive life insurance company relationships. The loan replaced a recourse bank loan and fixed a competitive interest rate for ten years. Essex was able to help the borrower and lender close the loan in 50 days.