Northmarq’s Cincinnati office completes acquisition financing of $35,812,500 for three Colorado office properties

CINCINNATI, OHIO (January 28, 2022) – Christina Grimme, vice president of Northmarq’s Cincinnati office, arranged acquisition financing totaling $35,812,500 for three office properties acquired by Alturas Capital Partners. The permanent-fixed loans were arranged for Alturas through Northmarq’s relationship with Bellco Credit Union.

“Today, financing has become an even more crucial component to getting office acquisition deals across the finish line and something a seller takes into careful consideration when selecting a buyer. We are proud serve as part of the team in helping the borrower, a repeat client, continue to grow their portfolio in the Western United States.”  

Patriot Park & 1055 N. Newport Road: Northmarq arranged acquisition financing of $20,100,000 for these two office properties in Colorado Springs, Colorado. The transaction was structured with a 10-year term with 3-years of interest-only on a 30-year amortization schedule. 

Patriot Park is a 3-story/103,183 sq. ft. suburban office property (built in 1989) situated on five acres that is located at 985 Space Center Drive. The property features a dozen tenants such as AT&T, BlueHalo and Colsa Corpoation. This historically well-occupied building is one of the originally strategically located properties built adjacent to Peterson Air Force Base.

The property located at 1055 N. Newport Road consists of 59,763 sq. ft. and, is located less than three miles away from the Patriot Park property. The two-story office property is 91 percent occupied by two tenants, Serco, Inc., a government partner, and Ensco Inc., an international tech company. It was built in 2008. Tenants enjoy immediate access to Peterson Air Force Base, the Colorado Springs Airport, and numerous government contractors.

Orchard Pointe: Northmarq arranged acquisition financing of $15,712,500 for the 120,873 sq. ft. office property (built in 1984 and renovated in 2011), situated on 3.69 acres of land located at 8480 East Orchard Road in Greenwood Village, Colorado. The transaction was structured with a 10-year term with 3-years of interest-only on a 30-year amortization schedule. 

The six-story property is 92 percent leased to 23 tenants including: Regency Centers Corporation and Fairway Independent Mortgage Corporation. Nearby amenities available to occupants include: parks, restaurants and hotels in close proximity to a group of affluent neighborhoods. Orchard Pointe is visible from Interstate 25 and is closely located to two light rail stops. It is located in the southeast office market, the largest and highest performing office market in the Denver metro.