Life Insurance Company
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.
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.