NorthMarq Capital’s Los Angeles office provides $5 million take-out financing for mixed use project in Denver, Colorado

LOS ANGELES (October 24, 2017) – John Marshall, a vice president at Northmarq Capital, arranged a $5,000,000 refinance for a 22,885 square foot, newly constructed mixed use project in the Sloan’s Lake and West Highlands neighborhood. Dubbed “SloHi,” the developer, SC&P LLC, engaged NorthMarq to arrange a construction take-out for the property. NorthMarq placed the loan with a life company correspondent who offered a 65 percent LTV, ten-year, fixed-rate loan at 4.21 percent. “SloHi was 50 percent pre-leased before we came out of the ground, and we knew there was a real need for this product in this neighborhood. We’re excited to help contribute to Denver’s unique urban fabric,” said SC&P principal John Cianci. The loan features a 25 year amortization, return of capital, and a 120 day rate lock at no cost. “Denver’s my home town and I jumped at the opportunity to participate in SC&P’s project. Ilan and John risked capital long before urban retail was cool. We’re glad a NorthMarq correspondent could offer aggressive, non-recourse money and we were happy to see substantial competition from the life companies for infill retail product,” said Marshall. The two-story project includes ground floor retail, neighborhood office space, and a subterranean parking garage. Tenants include a Montessori school, a yoga studio, clothing boutique, and an art gallery. The project is 100 percent leased to 15 tenants. “John Cianci and I have been in this neighborhood since the early 2000’s. The SloHi project adds needs based-retail and brings us closer to completing our slice of the 29th Avenue corridor,” said SC&P principal Ilan Salzberg.