October 18, 2018
Prime Rate
5.25%
2.28%
3.21%
3.23%
Photo of Plaza Northwest
Transaction Details

$2,700,000 Permanent
Life Insurance Company

Transaction Name
Plaza Northwest
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Transaction Details

Plaza Northwest is a 27,000 square foot neighborhood retail center in Westminster, CO. The Subject Property is located immediately adjacent to the Westminster Mall redevelopment and represents a unique value-add investment opportunity with good in-place cash flow and a unique location next to a major redevelopment site.

Our Solution

Essex arranged a $2,700,000 non-recourse loan to acquire the asset and execute the borrower’s value-add business plan to improve the asset, backfill vacancy, and increase the rents over time. The property was 81% occupied at acquisition, and Essex secured a 5-year fixed-rate loan from one of its exclusive correspondent life insurance company relationships.