Oakland Business Park
Aurora, Colorado
$2,600,000
Permanent
Bank
Transaction Details
Oakland Business Park is a well established and well maintained multi-tenant office/warehouse property in Aurora, Colorado. The property sits half a mile south of the new A-line light rail stop, Peoria Station. The property is approximately 30% office, leaving the majority of buildings to be used for highly demanded affordable warehouse space.
The Proposition
Essex’s client, who has owned the property for over 20 years, was looking to refinance his current loan. The borrower was interested in taking advantage of the current interest rate market as well as maximizing proceeds.
Our Solution
Essex Financial Group arranged $2,600,000 in loan proceeds, a 65% loan to value with a bank lender. The non-recourse loan offered the borrower max proceeds as well an attractive fixed interest rate for 10 years. At the end of 10 years, the interest rate adjusts to a floating rate over the 6-mo LIBOR.