Centennial, CO (August 2, 2021) - Essex Financial Group (“Essex”) recently secured a $17,155,000 non-recourse bridge loan with a national debt fund for the acquisition of 9110 East Nichols Avenue (“Highland Place II”) by Centre Point Properties. The 3-year, floating rate loan included future funding proceeds to modernize the building, spec out vacant space, and lease up the Property. The interest-only loan also allowed the borrower to use Property Assessed Clean Energy (PACE) financing to upgrade the building’s energy efficiency.
Highland Place II is a 3-story, 141,000 square foot multi-tenant office building located in the heart of Southeast Denver’s suburban office market in Centennial, CO. The building features covered executive parking, ample outdoor space, and a continuous glass line that provides tenants with abundant natural light and mountain views. Highland Place II was 56% occupied at the time of the acquisition but displayed strong operating history, having maintained 90%+ occupancy from 2005 through 2018, until a full floor user outgrew its space. Centre Point Properties plans to convert interior atrium office space into a fitness center and conference room facility, add a 2nd interior atrium staircase to access the 2nd floor, and activate the outdoor patio area with new furniture, Wi-Fi, and direct access to a first-floor vacancy. The business plan also includes a substantial spec suite program to generate leasing velocity and attract tenants looking for high-end suburban office space.
Essex’s Capital Markets team was led by President Cooper Williams, Assistant Vice President Paul Donahue, and Real Estate Analyst Nate Schneider.
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. For further information, please visit www.essexfg.com.
About Centre Point Properties
Centre Point Properties is a privately held commercial real estate investment firm operating out of Denver, Colorado. Centre Point identifies under-performing assets across the local market and repositions them within the marketplace to create a significant growth in value. With extensive experience in commercial real estate valuation, asset management, and commercial debt origination, Centre Point is able to deploy a strategic vision that delivers long-term value creation and stability. Centre Point’s current holdings include office, retail, industrial, and multifamily properties. To learn more, visit www.cpointproperties.com or Centre Point Properties' LinkedIn.