July 9, 2020
Prime Rate
3.25%
0.19%
0.65%
0.64%
Photo of Landmark Medical Office
Property Type
Office
Transaction Details

$3,100,000 Permanent
Bank

Transaction Name
Landmark Medical Office
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Transaction Details

Essex Financial Group (“Essex”) has secured $3.1 million in financing for the Landmark Medical Office Building, a 28,000 square foot multi-tenant medical office property located in the southeast Denver suburb of Greenwood Village, Colorado. Essex worked on behalf of its client to secure the 7-year, fixed rate loan with a regional bank.

Landmark Medical Office is a 28,000 square foot multi-tenant medical office building located roughly 10 miles southeast of Downtown Denver, and adjacent to the Landmark Master Development. Originally constructed in 1996, the Building is well-located, with easy access to I-25 via Belleview and Orchard roads and walkability to RTD light rail at Orchard Station. The Property also benefits from its proximity to Metro Denver’s executive housing stock in Greenwood Village and Cherry Hills. Essex’s client purchased the property in 2007 and has leased it to a diverse range of medical user tenants. At closing, the property was 100% occupied by seven medical tenants.

Essex arranged the $3.1 million loan with a Denver-based regional bank to refinance the client’s existing bank loan. The new loan has a 7-year term at a competitive interest rate and was signed up and rate locked prior to the COVID-19 pandemic. Amidst significant market volatility, Essex was able to ensure a successful loan closing under the original agreed-upon loan terms.

Essex’s Capital Markets team was led by President Cooper Williams and Real Estate Analyst Harry Green.