Tuesday, March 2, 2010
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.