August 14, 2018
Prime Rate
5.00%
2.06%
2.88%
2.94%
Photo of Summit at CTC
Property Type
Industrial
Transaction Details

$6,300,000 Permanent
Life Insurance Company

Transaction Name
Summit at CTC
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Transaction Details

Summit at CTC is a newly-constructed, 62,400 square-foot Class A industrial building located within Colorado Technology

Center (CTC) in Boulder County. The Subject Property is tilt-up concrete construction and features a 24’ clear height (maximum height within CTC), 40’ column spacing, 12 dock high doors, and 4 drive-in doors. The Subject Property provides highly-functional, small bay product for tenants seeking 10,000-40,000 square feet in the CTC with high clear height, ESFR, heavy power, and a modern truck court with drive-in and dock high loading.

The Proposition

Summit at CTC started as a speculative development, but during construction, the developer/owner leased 100% of the building prior to completion. The building was 100% leased when the developer approached Essex about permanent financing, but the building has 6 more months of construction prior to completion.

Our Solution

Essex was able arranged a $6,300,000 non-recourse loan with one of its exclusive life insurance company relationships, six (6) months prior to construction completion. The life insurance company locked the rate at application in June 2017 and funded in December 2017 once both tenants were in possession of their respective spaces. The new loan had a 15-year term with a 25-year amortization, and there was very little premium in the interest rate for locking it for six (6) months.