Essex Financial Group closes $7.8 Million loan

Mike Jeffries and Cooper Williams of Essex Financial Group recently closed a $7.8 million refinancing for the 204-unit Golden Nuggets Apartments at South Broadway and West Belleview Avenue in Englewood.

Morton Associates, a limited partnership, has owned the building for more than 40 years and had an existing loan with Fannie Mae.

Although the property has experienced significant occupancy and rental rate growth in recent months, agency-underwriting rules prevented the owners from achieving the necessary loan proceeds to retire the existing loan.

Essex structured the new financing through a regional bank that relied on current economic conditions to support the new loan.

The new five-year loan equates to $38,235 per unit and is amortized over 30 years. It improved Morton’s monthly cash flow and provides the ability to fund additional improvements.

Sanford K. Metzel, manager and operator of the property through SKM Management Co., has renovated 40 percent of the units and anticipates having 90 percent of them renovated within the next 18 months.

Essex Financial Group closes $4.7 million apartment loan

Essex Financial Group recently arranged a 4.7 million loan to refinance a Littleton Apartment property. Mike Jeffries and Alyssa Clarke of Essex Financial Group arranged the loan for Tiburon apartment property, and 83-unit community located at 700 W. Belleview Avenue.

A correspondent life insurance company funded the loan, which includes an interest rate into 6% range with a five-year term amortized over 25 years, according to Essex Financial. As well, the loan was funded at 61% loan to value.

The apartment owner, SKM Management headed by Sanford K. Metzel had an opportunity to pay off the existing loan approximately 18 months prior to maturity without the contractual prepayment penalty, explained Jeffries, noting it was able to commit and close the loan prior to the expiration of this option after several banks failed to come through.

SKM Management, a local group, was the borrower. Tiburon Apartments comprises eight buildings of 64,184 square feet. Constructed in 1999 Tiburon Apartments was 92% leased at the time of the loans closing.

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