Orchards Shopping Center
Loveland, Colorado
$15,000,000
Permanent
Life Insurance Company
Transaction Details
Orchards Shopping Center is a neighborhood retail center anchored by King Soopers. The shopping center features junior anchors Ace Hardware, Office Depot, Family Dollar and Petco, which recently signed a new lease to construct a building on the premises. Petco's build-out is underway with an expected delivery date of September 2016. The property is located in Loveland, Colorado and is comprised of 199,033 square feet. The property is currently 100% leased to 36 tenants.
The Proposition
The Borrower, who has owned the property since 1997, was interested in taking advantage of the current interest rate environment to refinance its existing loan and to recoup equity from its all-cash construction of the new Petco building.
Our Solution
Essex Financial Group helped arrange a $15,000,000 non-recourse loan with one of its exclusive life insurance company relationships. The 15-year loan has a competitive fixed interest rate of 3.85% with a 25-year amortization.