Essex Financial Group is the #1 originator of life insurance company debt in Colorado. Below is a sampling of recent life insurance company loans that were originated and closed by Cooper Williams in June 2018.
The Arvada Hilton Garden Inn (Arvada HGI) is a newly-constructed, 139-room limited-service hotel located in Arvada, CO. Arvada HGI opened in March 2017 and has seen tremendous success, catering to both business travelers and tourists. The limited-service hotel is located only a few blocks from Old Town Arvada and the Arvada Gold Line, which will provide light rail service to downtown Denver by 2018.
Essex arranged a $16,800,000 non-recourse loan to refinance the developer’s construction debt and fix a competitive interest rate for 7 years. Essex sourced the loan with one of its exclusive life insurance companies, and the loan funded with only 12 months of operating history.
Frontier Warehouse is a 2-building, multi-tenant industrial asset in Boulder, CO. The Subject Property consists of approximately 190,000 square feet on 11 acres, and the asset was 100% leased to eight (8) tenants at time of refinance.
Essex arranged $12,000,000 in non-recourse financing to refinance the Subject Property and payoff an existing loan. The borrower was in a fixed prepayment period and decided to refinance the property early with a new 10-year loan, given the current rising interest rate environment. Essex sourced the loan with one of its correspondent life insurance company lenders.
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.
5150-5160 Fox Street is a two-tenant industrial building located in Denver, CO. The building was constructed in 1979 and consists of 23,100 square feet with 0.60 acres of yard storage, which is a valuable amenity in Denver’s central industrial market.
Essex arranged $1,430,000 in acquisition financing to acquire 5150-5160 Fox Street and hold the property long-term in accordance with the borrower’s business plan. The 10-year, non-recourse loan has a competitive fixed rate and was placed with one of Essex’s exclusive life insurance company relationships.