Littleton, CO – Essex Financial Group (“Essex”) secured $11.0M in post-acquisition financing for Chatfield Distribution Center, an 88,152 SF light industrial property located in Littleton, Colorado. Nicola Wealth Real Estate (“Sponsor”), purchased the asset at the end of 2021. Essex arranged the permanent financing with a life insurance company at a highly attractive rate with some interest only and prepayment flexibility.
Chatfield Distribution Center is 100% occupied with the majority of the tenants having a tenure over 10 years. Constructed in 1997, the property features 25-30% office finish build outs, both dock and drive-in loading and flexible unit sizes ranging from 6,953 to 17,100 square feet. The combination of the infill location, tenant tenure and upside with renewing rents at market drove the lender competition. The Property was formerly owned and managed by the original Denver-based developer. Chatfield Distribution Center is ideally situated approximately one-half mile southwest of C-470 and Santa Fe Drive, two major thoroughfares that enable strong connectivity to the rest of the Denver region. The infill location is ideally positioned for tenants to serve the southwest metro area and benefit from the rapid residential growth in Sterling Ranch, a master-planned community that is planned to exceed Highlands Ranch at full build-out.
Essex secured the fixed-rate, non-recourse loan with a life insurance company relationship at a competitive interest rate. Essex’s Capital Markets team was led by Peter Keepper and Jack Korosec.
About Essex Financial Group
Essex Financial Group is a commercial mortgage banking firm headquartered in Denver, Colorado, specializing in commercial real estate debt and equity placement. For over 30 years, Essex has helped its clients navigate the capital markets effectively and efficiently to identify the best capital source and structure to meet their needs.
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with over $11.5 billion (CAD) of assets under management. NWRE has an experienced and innovative team that sources and asset manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail and senior housing. The Nicola Wealth Real Estate portfolio now exceeds $7.2 billion gross asset value.