Life Insurance Company
Forty45 is a full city block development in Denver’s Sunnyside neighborhood that has been remodeled and repurposed. The development includes a two-story 41,000 square foot mixed-use office and retail building and forty multi-family units spread across two parcels that are both for-sale and for-rent. The Property was originally built in 1965 and had historically been the corporate headquarters for Catholic Charities.
Essex Financial Group was approached by its client to help recapitalize the development, which it paid cash for in 2016. Essex’s client’s objectives were to maximize loan proceeds while simultaneously providing the lowest fixed interest rate possible for ten years. The primary challenges to the request involved an owner-occupied co-working tenant, a major retail tenant that had yet to finish their tenant improvement build-out, and a below-market rent signed by a major tenant, who was also the previous owner of the building.
Essex was able to provide its client with a 10-year, fixed rate loan with one of our correspondent life insurance companies with maximum proceeds and a market-leading interest rate. Essex was able to negotiate minimal structuring around the various challenges to the loan that were acceptable to the client. Essex secured a Loan Commitment in 30 days and closed the loan in 55 days and met the client’s targeted closing date.