Project Description
Mixed-Use/Commercial – Denver, CO
- Status: Performing
- Position: First Lien
- Loan Type: Acquisition
- Current Loan Balance: $1,587,061
- Fully Committed Loan Amount: $1,690,000
- Appraised Value: $2,600,000
- Loan to Value Ratio: 65.0%
- Current Interest Rate: 9.00%
- Interest Rate Index: WSJP + 4.25%
- Interest Rate Floor: 9.00%
- Origination Date: December 13, 2019
- Maturity Date: July 1, 2021
- Term: 18 months
- % of Portfolio: 2.0%
This 11,056 square-foot commercial building is located in downtown Denver, roughly four blocks from Coors Field. The borrower purchased the property for $2,600,000, with the plan to complete renovations and operate it as a boutique hotel.