Retail Refinance - Colorado Springs, CO
$19,625,000 loan arranged by PlattPointe Capital.
COLORADO SPRINGS, CO - PlattPointe Capital funded a $19,625,000 loan secured by a 360,000 sf retail property in Colorado Springs, CO. The loan was used by the sponsor to refinance its debt at a discount from a mortgage REIT who needed liquidity. The loan also provided a reserve account for future leasing costs. PlattPointe was able to close the financing quickly in order to help the sponsor meet strict deadlines imposed by the exiting lender.
• $19,625,000 loan amount
• 18-month interest only loan
• Partial recourse to sponsorship
• L+ 725 Rate
The loan was under application with another lender who was unable to fund due to COVID-19 related financing issues. Fortunately, PlattPointe Capital had a direct relationship with a well-capitalized debt fund and was able to close quickly with a creative structure that maximized proceeds. The team was able to close this loan in under 15 business days and it was completely underwritten inside of the COVID-19 crisis.
The sponsor originally developed the property in 1988 and sought to capitalize on the strong market characteristics of Colorado Springs which has become less subject to economic downturns due to a heavy concentration of businesses related to the defense, technology and healthcare sectors.
Colorado Springs rapid growing economy is highly diversified and stabilized by a mix of government and private employers with a special niche to the homeland and satellite defense sectors as well as a growing sports-based economy. The access to the Colorado Front Range, proximity to Denver, low cost of business operation and educated workforce are all contributing factors to this high-growth market.
About PlattPointe Capital:
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.
More information can be found at www.plattpointe.com.
For any inquiries nationwide, please contact:
Jason Aubrey | 303.598.3876 | firstname.lastname@example.org
Creighton Bildstein | 303.589.4258 | email@example.com
Matthew Biegner | 720.470.7706 | firstname.lastname@example.org
TRANSACTION BY THE NUMBERS
Square Feet of Retail
Days to Close