Colorado Real Estate Journal - January 6, 2016
It was about as close to $100 million as possible. Denver-based Terrix Financial closed about $99.7 million in loans in the third and fourth quarters of 2015. As to be expected, apartment deals represented the biggest single asset class, accounting for about a third of about three-dozen individual deals. Retail was No. 2, with nine transactions. While most of the deals were for properties along the Front Range, the single biggest transaction was a $12.93 million loan for the acquisition of an out-of-state industrial center. In addition to the traditional asset properties, Terrix made loans on a few outliers, such as a car wash and a school. Following are details and the loan officers who handled some of the larger deals closed by Terrix in the third and fourth quarters: • Craig Branston and Amy Gibson closed the $12.93 million acquisition of an out-of-state industrial loan. The 279,388-square-foot industrial property is on 16.6 acres. A life insurance company exclusively represented by Terrix funded the loan. • John Richert and Marsha Blair arranged a $7.48 million loan to refinance a 143,144-sf retail center in Aurora. The center was built in 1987. The loan has a five-year term and is amortized over 25 years. The interest rate adjusts annually. A regional bank funded the loan. • Kevin Chadwick and Marsha Blair arranged a $6.25 million acquisition loan for a 100-unit apartment community in Aurora. The community was built in 1974. The floating-rate loan has a seven year term and is amortized over 30 years. A Fannie Mae lender represented by Terrix funded the loan. • Craig Branton and Jay Richert arranged a $6 million loan to refinance the debt on a private school in Jefferson County. The school building has 47,709 sf and was built in 1997 and 2007. A regional bank financed the loan, which has a seven-year fixed rate and is amortized over 25 years. • David O’Brien and Amy Gibson arranged a $5 million acquisition loan for a 130-unit, out-of-state apartment community. The loan has three years of interest only. It was funded by a Fannie Mae lender represented by Terrix. • David O’Brien and Amy Gibson arranged a $4.5 million loan to refinance an out-of-state, 375-space mobile home park with “significant” vacancies. It was funded by a life insurance company exclusively represented by Terrix. • David O’Brien and Amy Gibson refinanced a 58,451-sf medical building in Pueblo. A family trust was the borrower. The loan has no prepayment penalty. • David O’Brien and Marsha Blair arranged a $4.18 million loan to refinance a 55,487-sf retail and office building in Highlands Ranch. The loan was funded by a correspondent life insurance company exclusively represented by Terrix. • John Richert and Jay Richert arranged a $2.9 million loan to refinance an 80,775-sf industrial park in Denver. The 15-year loan is amortized over 25 years. Rates adjust after year three and year seven and adjust annually after that. • Brandon Rogers and Jay Richert arranged a $2.7 million loan to refinance a 56,692-sf office/warehouse in Centennial. The borrower is a local investor who has done a number of transactions with Terrix. A local lender funded the loan. • David O’Brien and Jay Richert arranged a $2 million loan to refinance a 66,655-sf strip retail center in Colorado Springs, which was 83 percent occupied. A correspondent life insurance company represented exclusively by Terrix funded the loan. • Kevin Chadwick and Jay Richert arranged a $1.82 million loan to refinance a 40-unit apartment building built in 1965 in Denver. A bank represented by Terrix funded the nonrecourse loan, which has no reserves. Other News Greg Benjamin, senior vice president, and Jeff DeHarty, associate producer, at NorthMarq Capital’s Denver office arranged supplemental financing of $17 million for Monaco Lakes, a 426-unit apartment community in Denver. A portion of the proceeds will be utilized for the continuation of the unit rehabilitation program on the remaining 216 “classic” units. The borrower is a long-term client of NorthMarq’s. Monaco Lakes, at 6165 E. Iliff Ave., was built between 1974 and 1976. The community consists of five midrise residential buildings. Property amenities include a swimming pool, gazebo, three multi-sports courts, dog park and grounds with attractive pond water features with fountains. The clubhouse has large community game room with kitchen, business and fitness centers, and conference room. Each building has a laundry room and elevator. Units have balconies or patios; 34 units have fireplaces and 44 units have stacked washers and dryers. Steve Koeneke, senior vice president, Dave Link, managing director, and Jon Hiller, assistant vice president, of Denver’s NorthMarq Capital office arranged $16.24 million in acquisition financing for the condominium-quality Pines at Broadmoor Bluffs located in Colorado Springs. The 108-unit community, built in 1987, is at 5 Watch Hill Drive. NorthMarq arranged financing for the borrower through its Fannie Mae DUS program. The borrower is a longtime client of Northmarq’s. The 26-building community has undergone extensive unit renovations within the past five years. Amenities include garages, an outdoor pool, spa, clubhouse with fitness room and second-floor community/TV room with kitchen. Units feature patios or balconies with storage, 9-foot or vaulted ceilings, central air conditioning, washers and dryers, and fireplaces.