Time Still Ripe For Refi (For Solid Properties)
The race is on to refi—when will interest rates be this low again?—especially for properties with stable long-term outlooks. Recently Dornin Investment Group, an institutional investor active in the Western states, obtained more than $20M to restructure debt on the 138k SF Highland Place office property in Denver. MetroGroup Realty Finance, a SoCal mortgage banking firm, facilitated the deal.
In strong markets, a refi’d longer hold makes sense. “Office product in secondary markets throughout the US continues to perform well, especially in high-growth areas such as Texas and Colorado, where job and economic growth are flourishing,” says MetroGroup Realty Finance VP Scott Botsford. “The Denver metro has demonstrated consistent economic growth with unemployment rates hovering around 3.3%.”
