DENVER (March 2, 2015) – NorthMarq Capital’s Denver office arranged a $4.65 million bridge loan for acquisition and redevelopment of three World of Tile stores in Colorado. Each building is located in an excellent, high visibility retail location along busy arterials. The three stores are in Highlands Ranch along C-470, South Santa Fe Drive in Englewood and N. Academy Boulevard in Colorado Springs.
Paul Luber, vice president, arranged the three year’s non-recourse financing on behalf of the sponsor, Aspen Capital Partners, through a bridge lender. Luber commented on the financing assignment… “NorthMarq Capital is pleased to have assisted the Aspen Capital Partners with its financing needs for this strong value-add project. In addition to negotiating an advantageous purchase price, the sponsor has already executed a key part of its value creation plan by renewing the anchor tenant, World of Tile, in each of the three builds for seven year firm lease terms.”