DENVER (May 20, 2015) – NorthMarq Capital’s Denver office arranged a $6.3 million loan for the Heska Building located at 3760 Rocky Mountain Avenue in Loveland, Colorado. Constructed in 2005 in the Centerra Business Park, this two-story office/R&D building contains 58,096 sq.ft. The facility was built as the headquarters for Heska Corporation, who occupies the entire building.
Steve Bye, executive vice president/senior managing director and Conor McCahill, investment analyst, arranged the refinancing for the borrower, a long-term client of the Denver office.
Bye offered the following comments on the financing: “The ownership was interested in a long term non-recourse loan that ultimately was negotiated for 25 years with interest rate resets every five years. It was very important for the borrower to avoid funded lender reserves for future tenant improvement and leasing commissions, as a result of the lease expiration. Due to the low leverage and the significant cash investment in the property, we accomplished that goal with the life insurance company who funded the loan.”