DENVER (March 5, 2015) – NorthMarq Capital’s Denver office arranged a $9.5 million loan for a mixed-use property located on a .58 acre site in downtown Boulder, Colorado. The property is located on the northwest corner of Pearl Street and Tenth Avenue and includes 919-951 Pearl Street and 2005-2019 Tenth Avenue. Built in the early 1900’s, the buildings were expanded and rebuilt over time, with extensive renovations completed in 1996. Recently, most of the office space was renovated, as well as the restrooms and common areas, which include a collaborative meeting space with a solar roof improvement. The interconnected buildings consist of 42,881 square feet, of which approximately 19,073 square feet is first floor retail space. The project also includes a 20 car underground parking garage.
Steve Bye, executive vice president and senior managing director and Conor McCahill, investment analyst, arranged the refinancing through its correspondent relationship with a life company lender. The borrower is an affiliate of Conscience Bay Company.
“The borrower was interested in securing a long term non-recourse loan with a 10-year fixed interest rate with a forward funding component that matched a prepayment window on the existing CMBS loan,” said Bye. “Although there was significant tenant lease rollover, our lender was attracted to the prime property location in downtown Boulder and the conservative loan-to-value ratio, as well as the solid financial strength of the borrower and the capital investment in the property. Most lenders would have categorized this as a bridge loan situation, although our lender quoted the interest rate and the other aspects of the loan, as if it were a fully stabilized property.”
