Cold Storage Facility Refinance - Montrose, CO
$2,500,000 loan arranged by PlattPointe Capital.
MONTROSE, CO - PlattPointe Capital recently closed a $2,500,000 bridge loan secured by a 278,400 SF Class B industrial property covering 21.3 acres in Montrose, Colorado. The Sponsor was seeking an acquisition loan for the purchase of the property and to commence operations of the 42,000 SF of cold and dry storage operations in a portion of the building. Other building components will be leased to third party operators as a part of an overarching Food Innovation Center. The Sponsor had a hard deadline for closing due to the seller being an international company. The facility will play a role in Colorado’s broader $7.4 billion food production value chain as the largest freezer space between Denver, CO and Salt Lake City, UT. The region is surrounded by Colorado’s affluent communities of Telluride, Aspen, Vail, Beaver Creek, Crested Butte, Breckenridge, and Steamboat Springs. Telluride, Aspen, and Crested Butte are less than 150 miles from Montrose. These three communities alone represented over $540M in retail food sales in 2019.
PlattPointe Capital arranged financing through a private family office and structured a $2,500,000 loan as interest only through the entire term.
• $2,500,000 loan amount
• 12-month term
• Market Rate
Montrose is a premier location for serving Colorado’s western slope. The site’s uniqueness is that it requires no high-altitude mountain passes or tunnels to connect to many nearby communities. This is a key selling point for national brands that currently bring products from the west coast over the continental divide into Denver then transport back to the Western Slope for delivery. Montrose is an economic, labor, and transportation waypoint for the surrounding recreation industry. Due its relative affordability and proximity to many world-class outdoor recreation activities, the Montrose economy has been solidified as a manufacturing hub for outdoor products. Tourist and recreation opportunities are important to the regional economy. In the winter, it is a transportation hub for ski areas of the San Juan Mountains to the south as Montrose is home to a regional airport served by American, JetBlue, Southwest, and United Airlines.
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.
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