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7/12/24
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A 54.3k sf, multi-tenant industrial building in Colorado was refinanced with a new permanent loan for $5.1 mil. The borrower was a private real estate investor.
The facility is located at 8530 Concord Center Drive in Englewood, a Denver MSA suburb. The property features three tenants and offers 24-foot clear heights, ESFR, and direct access to the I-25 and E-470 highways and regional proximity to the I-70 logistics corridor.
Stefan Malmlund and Andy Bratt with Gantry arranged the seven-year, fixed rate loan, which was funded a life company lender. The loan has an attractive rate for the cycle and features a 30-year amortization.
According to Malmlund, with their current loan adjusting to a higher variable rate, the borrower wanted to refinance the property at a lower all-in fixed rate. Also, with a recently signed lease, the borrower was able to capitalize on this opportunity by taking some cash out of the property for other acquisitions.
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