CASTLE ROCK, Colo. — Northmarq’s New York area Debt + Equity team led by Charles Cotsalas and Ernest DesRochers successfully arranged the $20 million refinance of Castle Rock Industrial at The Meadows, a 157,870-sq.-ft. industrial distribution and warehouse located at 3563-3593 Timber Mill Parkway in Castle Rock, Colorado.
Northmarq arranged the permanent-fixed financing on behalf of the borrower, Sound Capital LLC., through one of its insurance company lending relationships. The transaction structure provided a seven-year term, 3.5 years interest only, followed by a 30-year schedule with stepped down prepayment flexibility. The acquisition financing was part of a 1031 exchange for two nearly constructed industrial/warehouse buildings that are 100% occupied.
“The insurance company was able to meet a tight timeline, and the borrower also had the option of locking rate up until the time of closing,” said Cotsalas. “This was a flawless execution, as close as one gets to 100% certainty of closing.”
Built in 2023, Castle Rock Industrial at The Meadows features two buildings on a roughly 13.6-acre lot. The industrial building features 24-foot ceilings and has 101 parking stalls. It features 30 docks, including 14 knockouts, and 12 drive-ins for loading. The property is 100% occupied under triple-net leases.
The site is conveniently located near Interstate 25 and U.S. Hwy 85 and sits 35 minutes from Denver and 45 minutes from Colorado Springs.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.