October 18, 2018
Prime Rate
5.25%
2.28%
3.21%
3.23%
Photo of Columbine Self Storage
Property Type
Other
Transaction Details

$2,500,000 Permanent
Life Insurance Company

Transaction Name
Columbine Self Storage
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Transaction Details

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 Proposition

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.

Our Solution

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.