Northmarq arranges $8.67M refinance for multi-tenant flex property in Denver
Eric Flyckt, managing director, and Wyatt Campbell, vice president, of Northmarq’s San Diego office, secured an $8.67 million refinance for a 79,023-square-foot, multi-tenant flex property in Denver, Colorado.
The property was fully leased at closing. However, two tenants, occupying 77% of the building, had leases set to expire within two years. Both suites were fully built out as office space, a factor that raised concerns among many lenders. Northmarq submitted the loan request to 27 lenders, including insurance companies, CMBS lenders, banks and credit unions.
The five-year, fixed-rate loan was structured with interest-only payments during the first year, followed by a 25-year amortization.
Northmarq arranged the financing from a Colorado-based credit union, offering favorable terms including the option for a one-time interest rate reduction if the Prime Rate decreases, no prepayment premium, and a repayment guarantee that may be reduced from 100% to 50% upon meeting certain loan-to-value and debt service coverage requirements.
The sponsor is a long-time client for whom Northmarq has arranged financing for 14 office, industrial and flex properties.
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