March 20, 2019
Prime Rate
5.50%
2.49%
2.62%
2.62%
Photo of Longmont Technology Park
Property Type
Industrial
Transaction Details

$2,000,000 Permanent
Life Insurance Company

Transaction Name
Longmont Technology Park
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Transaction Details

Longmont Technology Park is a 130,181 sf flex/industrial property located in Longmont, CO. The property consists of two buildings, both of which were constructed in 1979. The property provides flexible floor plans and accommodates manufacturing, assemble, and R&D tenants. The property is currently 100% occupied by seven (7) tenants.

The existing debt on the property represented an 20% LTV. Due to the current interest rate environment, the Borrower was seeking to lever up the property to just under 50% and return some equity to investors. Essex was able to negotiate a full-term interest only loan with one of its correspondent life insurance companies. Mike Jeffries and Blaire Butler represented the Borrower, who locked an interest rate the following day and closed the loan 45 days later.