Denver,
CO – Essex
Financial Group (“Essex”) arranged $32.0M in acquisition financing for the purchase
of 2nd & Josephine, a four-building, 105,253 SF mixed-use property
in the heart of Cherry Creek North. Essex worked on behalf of the buyer, Altus
Properties, to source the seven-year, fixed rate loan with a prominent life
insurance company. 2nd
& Josephine is situated on a ½ city block in Denver’s strongest office
market, surrounded by top restaurants, hotels, retailers, abundant new
construction and more. The Property is currently 100% leased and anchored by
Bank of America and boasts an average historical occupancy of 93% since the
last building was built...
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The capital markets have experienced a rapid transformation over the course of 2022, bringing attention to new themes and trends that continue to unfold. Rising rates, economic uncertainty and record-setting inflation continue to impact the marketplace, including lender appetite. While we don’t want to present a pessimistic outlook, as there is still plenty of demand for mortgages, it is important to be transparent and note the shifts that are taking place. Here are some of the themes and trends we have noticed in this quickly changing environment.What does the lending landscape look like right now? Life companies, banks, conduit lenders and debt funds are asking themselves th...
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Longmont,
CO – Essex
Financial Group (“Essex”) arranged $13.8M in acquisition financing for the purchase
of Front Range Business Park, a two-building, 117,106 SF industrial/flex
complex located in Boulder County. Essex worked on behalf of the buyer, Ivy
Realty, to source the seven-year, fixed rate loan for the acquisition with a
regional bank. Front
Range Business Park is 100% leased to the State of Colorado’s Front Range
Community College (“FRCC”), the largest community college in Colorado, on a
long-term lease. Built in 1988, the property was originally designed for small
bay industrial/flex use and includes 9 dock-high loading doors between the two
buildings. It...
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In reading the Quarterly Mortgage
Banking Association’s (MBA) Q1 2022 loan originations report, readers would expect
a thriving economy in 2022 and predict another year of record low interest
rates, especially for owners of industrial real estate. Some of the headline stats:· Commercial and multifamily loans up 72% compared
to first quarter 2021· Loans on industrial assets increased by 145% compared
to first quarter 2021 (highest increase per product type)However, the global economy
and lending universe have quickly changed, and a large portion of the positive
origination gains in Q1 2022 is from loans sourced in Q4 2021. We have officially entered the
long-a...
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Essex Financial Group (“Essex”)
arranged two (2) acquisition loans on behalf of CentrePoint Properties and
Dunton Commercial (“Sponsor”). The loans
facilitated the purchase of the Interquest Portfolio (241,232 square feet of Class
A office/flex in Colorado Springs) and 6th Avenue West (124,010
square feet in Golden, Colorado).The
Interquest Portfolio is one of the best-in-class, single-story office
properties in Colorado Springs and is located along I-25 in the premier
Interquest Business Park. The single-story office/flex portfolio is 82% leased
to a mix of technology and healthcare tenants, and more than 75% of the
in-place tenants have publicly traded invest...
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Littleton,
CO – Essex
Financial Group (“Essex”) secured $11.0M in post-acquisition financing for Chatfield
Distribution Center, an 88,152 SF light industrial property located in
Littleton, Colorado. Nicola Wealth Real Estate (“Sponsor”), purchased the asset
at the end of 2021. Essex arranged the permanent financing with a life insurance
company at a highly attractive rate with some interest only and prepayment
flexibility. Chatfield
Distribution Center is 100% occupied with the majority of the tenants having a
tenure over 10 years. Constructed in
1997, the property features 25-30% office finish build outs, both dock and
drive-in loading and flexible...
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Boulder,
CO – Essex
Financial Group (“Essex”) secured a $5.0M loan for Burden, Inc. (the Sponsor) to
refinance its Walnut Offices Portfolio located in the heart of central Boulder,
Colorado. The portfolio is comprised of three office buildings totaling 24,977
square feet. Essex structured a loan modification with the existing life
insurance company lender to provide more loan proceeds to the Sponsor in a
cash-out refinance.The
existing loan was originated in 2014 and was set to mature in 2029. Given the
current interest rate environment, the Sponsor wanted to get ahead of the loan
maturity and explore a refinance. Although there were competitive options from
multipl...
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Louisville,
CO – Essex
Financial Group (“Essex”) secured $7.9M in acquisition financing for the purchase
of 1850 Dogwood, a 58,901 SF industrial warehouse/production facility located
in Boulder County’s premier Colorado Tech Center (CTC). Essex worked on behalf
of the buyer, Ivy Realty, to source the five-year, fixed rate loan for the
acquisition. 1850
Dogwood is 100% leased to Alternative Foods, a wholly owned subsidiary of
Savencia Fromage & Dairy, one of the world’s leading companies in the dairy
industry. The infill manufacturing facility is used as a processing facility
for plant-based foods and features 20’ clear heights, dock-high and drive-in
doors,...
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Essex
Financial Group (“Essex”) secured two permanent loans totaling $29.25M for M.
Timm Development, Inc. (“Sponsor”) for two of its multifamily properties. Both
loans were sourced from the same prominent national life insurance company who
provided a more competitive interest rate than both of the government agencies.
The loans were rate-locked in September 2021 for a funding in February 2022.
Both loans were low-leverage and featured full-term interest-only. Grandview
Meadows Apartments is comprised of 144 units across six, three-story buildings
totaling 142,308 SF. The property represents Phase I of a four-phase
multifamily development by the Sponsor, totaling 508...
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Dallas, TX January 5, 2022 - Essex Financial Group (“Essex”) arranged a $21.4
million bridge loan for TT Logistics F1, LP (“Sponsor”) for the acquisition of
I-20 Corporate Center in DeSoto, Texas. The 385,472 square foot industrial
building is situated in the Southwest Dallas Submarket with access to Dallas
and Fort Worth. Prior to the sale, the seller, a Dallas-based operator, signed
a long-term 265,248 square foot lease with a global manufacturer. Essex placed the $21.4M, floating rate bridge loan
with a relationship debt fund lender. The loan includes an initial principal
balance $20.9M and a future funding facility to finance tenant improvements and
leas...
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