82,000 SF Single Tenant Retail Refinance - Littleton, CO
$11,000,000 loan arranged by PlattPointe Capital.
DENVER, CO - PlattPointe Capital funded an $11,000,000 loan secured by an 82,000 SF single tenant retail property named Tipsy’s Liquor World in Littleton, CO. The loan was used by the sponsor to refinance its debt and recapitalize the property. The loan also provided a significant monthly loan payment savings due to historically low rates. PlattPointe worked with the Sponsor for three years and once it came time to close, they mobilized the financing quickly in order to help the sponsor meet strict deadlines. Once negotiations finalized, the entire file was rewritten inside the COVID-19 epidemic. The loan application with submitted and closed with a local bank who is still bullish on the Colorado retail market.
• $11,000,000 Loan amount
• 7 Year Fixed Rate
• 25 Year Amortization
• 3.875% Rate
• 70% LTV
The sponsor originally developed the property in 2007 making all payments and keeping all covenants. In 2011, at the height of the economic crash, they were notified that the loan would need to be paid off or refinanced with another institution, as they no longer wanted the credit in their portfolio. Due to economic conditions at the time, they found it difficult to find an institution that would underwrite the deal. They then created a partnership that worked for over a decade with a local investor that would satisfy the exiting bank’s demands.
In 2018, the parties decided to find a way to recapitalize the property and have the non-operational partner exit. Fortunately, PlattPointe Capital had a direct relationship with a well-capitalized lender and was able to close quickly with a creative structure that maximized proceeds. The team was able to close this loan in under 45 business days and it was completely underwritten inside of the COVID-19 crisis.
PlattPointe Capital LLC is a boutique commercial real estate capital advisory firm that helps developers and investors navigate the capital markets by arranging optimal alternative debt and equity options for a client’s project. Our vision is to engineer the most efficient capital stack based on the constraints of a given project and sponsor’s needs.
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For any inquiries nationwide, please contact:Jason Aubrey 303.598.3876
TRANSACTION BY THE NUMBERS
Square Feet of Retail
Fixed Interest Rate