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 - $12,000,000
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.