Lafayette Corporate Campus

Transaction Details

Mike Jeffries and Jeff Riggs, Principals at Essex Financial Group, recently arranged the refinance of Etkin Johnson’s Lafayette Corporate Campus, a 290,000+ square foot office and flex asset in Boulder County, Colorado. The Portfolio qualifies as one of the most advanced business environments in metro Denver’s Northwest Corridor. Five distinct buildings feature state-of-the-art space with superb amenities, meticulous landscaping, and a prime location.

The Proposition

Essex Financial Group was approached by its long-time client, Etkin Johnson, to arrange refinancing in accordance with their business strategy. The client’s objectives were to refinance the existing debt with a new long-term loan at today’s competitive rates, while actively planning for future capital needs.

Our Solution

The $24,000,000 non-recourse loan was arranged between a Midwestern Life Insurance Company and Etkin Johnson Real Estate Partners. The loan’s 15-year term and 30-year amortization included two years of interest-only and was consistent with the borrower’s long term strategy. By leveraging long-standing capital relationships, Jeffries was able to negotiate attractive loan proceeds, pricing, and flexibility of borrower-held improvement and leasing reserves.

“This financing achieves our goal of utilizing conservative leverage at favorable terms for an asset we plan to hold long-term,” said Derek Conn, director of finance for Etkin Johnson. “We think this debt will look very good for many years to come.”