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Program 09

CRE Permanent in Denver

Denver commercial mortgage debt, sized for a long hold.

Long-term, permanent financing for stabilized commercial real estate. We place it in house through agency multifamily channels (Fannie Mae and Freddie Mac), insurance funds, and other wholesale sources. The metro's stabilized story is medical and airport-adjacent, not downtown office, which sits near record vacancy. Business-purpose only, and every structure is set in underwriting.

CRE Permanent in Denver, CO from USA Mortgage
Agency
Fannie/Freddie
Long-term
fixed
Multifamily
& commercial
Wholesale
channels

Typical figures, subject to underwriting and market conditions. Not a commitment to lend.

How it works

For a stabilized asset ready for permanent debt, we shop your file across agency multifamily programs, insurance companies, and wholesale lenders, then place the structure that fits your hold. When a deal needs to stabilize first, we can bridge it and refinance into permanent debt later.

Who it's for
Stabilized multifamily 5+
Commercial and mixed-use
Agency permanent debt
Refi out of a bridge
Typical terms
PropertyStabilized commercial
ProgramsAgency, insurance, wholesale
TermLong-term permanent
RateMarket permanent rates
UseAcquisition or refinance
Best forLong-term holds
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*Typical terms, subject to underwriting and market conditions.

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Local FAQ

CRE Permanent in Denver, answered.

What kind of Denver-area commercial property actually qualifies for permanent debt?
Stabilized, income-producing property with a signed rent roll, most credibly anchored to the airport economy or healthcare rather than downtown office. Denver International Airport supports an estimated $47.2 billion of annual economic impact and 244,172 jobs, per the 2025 Colorado Aviation Economic Impact Study, and the Anschutz Medical Campus in Aurora is the metro's largest employment node outside the airport. No Denver cap-rate figure for any asset class has been sourced, so a permanent quote here is built from your executed leases and tenant credit, not a market survey.
Downtown Denver office vacancy is near 39 percent. Does that rule out CRE permanent financing there?
It rules out an unstabilized downtown tower, not the metro. Downtown Denver office vacancy hit an all-time high of 38.9% in Q1 2026 and eased slightly to 38.6% in Q2, with net absorption of positive 119,700 square feet, the best quarter since Q1 2022. That reads as a genuine repositioning and basis-reset story, not a stabilized one, and permanent debt needs a signed rent roll. Metro Denver industrial vacancy, by contrast, ended Q4 2025 at 8.1% overall (7.7% direct), a cleaner story for stabilized permanent placement right now.
What is Energize Denver, and why does it matter on a permanent loan?
It is a 2030 energy-performance deadline that runs with the building, not the seller. Buildings 25,000 square feet and larger must cut site energy use intensity at least 30% (capped at 42%) by 2030, with interim targets in 2024 and 2027; buildings 5,000 to 24,999 square feet must hit 90% LED lighting or source 20% renewable energy by 2027. Penalties run roughly $0.30 to $0.70 per kBtu over target, plus $2,000 a year for failing to benchmark. Because the obligation stays with the asset, it belongs in permanent-loan diligence on any older Denver building bought or refinanced before 2030. Talk to your engineer and your CPA about what a retrofit will cost against your hold period.
How does Colorado's commercial property tax assessment compare to what a Denver homeowner pays?
Commercial property is assessed at a much higher rate. Colorado assesses non-residential property, including commercial buildings, at 27% of actual value for tax year 2025 (dropping to roughly 25% to 26% in 2026), against 7.05% for schools and 6.25% to 6.8% for local government on residential property. Denver's own total general mill levy is 79.202 mills for tax year 2024, of which schools alone are 52.311 mills. Build the higher commercial assessment rate into your underwriting rather than assuming a residential effective rate.
Why does the airport economy matter for industrial and flex commercial property here?
Because it is the single largest driver of tenant demand in the northeast metro. Denver International Airport supports an estimated $47.2 billion of annual economic impact and 244,172 jobs, and metro Denver ranks first among the 50 largest US metros for private aerospace employment, with more than 30,000 workers in the sector plus Buckley Space Force Base in Aurora. That combination fills industrial and flex space in Aurora, Commerce City and the other airport-adjacent submarkets, where overall industrial vacancy stood at 8.1% as of Q4 2025.
Is there a published Denver cap rate we can use to size a permanent loan?
No usable cap-rate figure for any Denver asset class has been sourced, so we do not publish one. You should be skeptical of a round number quoted online. We underwrite off your actual leases, tenant credit and net operating income instead. If your property is not leased up yet, a bridge loan can carry it through stabilization, and we place the permanent structure once the rent roll is signed.

More CRE Permanent questions, answered on the program page

Resources

Guides for CRE Permanent

Bridge · 4 min read
What Is a Bridge Loan in Real Estate?
Read the guide
SBA · 5 min read
SBA 7(a) vs 504: Which Is Right for Owner-Occupied Real Estate?
Read the guide
Bridge · 4 min read
Commercial Bridge vs Permanent Financing
Read the guide
Bridge · 5 min read
Bridge Loan Exit Strategies: How to Pay Off Short-Term Debt
Read the guide
Browse all guides
Compare

CRE Permanent vs. other options

Comparison
CRE Bridge vs CRE Permanent Loan
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About the local figures on this page

Local rules move. Every tax rate, fee, ordinance and market figure here comes from a primary source and carries the date we read it, and we correct them as the rules change. Where a number is mid-change or we could not verify it, we say so rather than guess. Before you commit a budget, confirm anything that drives it with the city or county, and talk to your attorney or CPA on questions of law or tax.

Published by USA Mortgage Funding, LLC, NMLS #152588. Researched from primary sources by our team, drafted with AI assistance, and every figure checked against its source before publishing. Where an answer rests on a public record, that record is linked under it. Figures read on 2026-08-15.

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