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PlattPointe Arranges $5.4MM Term Loan for Commercial Condos in Aspen, CO

July 24, 2023, 07:23 AM
Filed Under: Real Estate

PlattPointe Capital arranged a permanent loan for a portfolio of 12 commercial condominiums that total approximately 30,000 SF of retail and commercial space at the base of the popular ski resort, Aspen Highlands in Aspen, CO. Owned by a local value-add real estate developer and investor who had an expiring loan, PlattPointe was able to arrange a five-year fixed term loan that included a year of interest-only payments which helps to offset the increasing interest rate environment. The properties consist of retail, office, and storage condominiums within the three 3-story residential buildings. Current occupancy is 98.61% with 53 users and tenants, many of which utilize co-working executive office space.

Aspen is a well-known upscale resort town with quick access to multiple world-class ski areas. Like most resorts, it has suffered from an extremely limited supply of commercial and residential inventory. Since the pandemic, property values have soared as many seek relocation to mountain towns to fulfill the work-from-home trend.

PlattPointe was able to secure a lender with attractive terms in a timely manner to take out the expiring mortgage.

Financing Highlights

  • 6.375% fixed rate
  • 5-year fixed term
  • 30-year amortization
  • No pre-payment penalty
  • First year interest-only

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