Willmore Shopping Center

Transaction Details

Wilmore Shopping Center is a 52,740 square foot neighborhood center located in Wheat Ridge, Colorado. Wilmore is a two-building retail center that was built in two phases, 1983 and 1986. The property is occupied by a mix of 16 tenants. The tenant mix includes true retail tenants to a range of medical related users due to the close proximity to Exempla Lutheran Medical Center.

The Proposition

Essex’s client purchased the property in late 2015 as a value-add opportunity. After extensive capital improvements, the client was interested in refinancing their current bank loan and locking in a rate in the favorable interest rate environment.

Our Solution

Essex Financial Group arranged $6,100,000 of loan proceeds with a correspondent life insurance company. The non-recourse loan offered the borrower maximum, full leverage proceeds, a fixed interest rate for 7 years, 30 years amortization and prepayment flexibility. Essex closed the loan in 60 days.