May 30, 2020
Prime Rate
3.25%
0.17%
0.67%
0.68%

Featured Image for Essex Arranges $11.5M Financing for a Grocery-Anchored Retail Center During COVID-19

Essex Arranges $11.5M Financing for a Grocery-Anchored Retail Center During COVID-19

Denver, May 18, 2020 – Essex Financial Group (“Essex”) has secured $11.5 million in financing for Kent Place, a 48,175 SF grocery-anchored retail center in the Cherry Hills Village neighborhood of Denver. Essex worked on behalf of the borrower, Continuum Partners, to secure the 15-year, fixed rate non-recourse loan with a national life insurance company.Originally developed in 2011 in a joint venture partnership with Regency REIT, Kent Place sits adjacent to Cherry Hills Golf Club at the corner of University Blvd and Hamden Ave. The property is part of a 11.5 acre mixed-use development comprised of retail and 300 luxury apartment units, the Kent Place Residences. The f...

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Featured Image for How are Life Companies Reacting to the Current COVID-19 Pandemic?

How are Life Companies Reacting to the Current COVID-19 Pandemic?

How are Life Companies Reacting to the Current COVID-19 Pandemic (As of 4/30/20)?Life insurance companies have long been considered a conservative source of capital in the commercial debt markets. They typically lend at lower leverage points on assets that are stabilized or offer minimal risk profiles, which in turn allows them to be one of the lowest costs of capital without requiring a personal guarantee. The commercial real estate industry has been severely impacted by the current pandemic, and just like every other lender in the debt markets, life insurance companies are re-assessing how to deal with the effects of the COVID-19 pandemic on a daily basis. Each life company...

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Featured Image for Essex arranges $12.1M financing for brand new townhome project in lease up during COVID-19

Essex arranges $12.1M financing for brand new townhome project in lease up during COVID-19

Denver, April 27, 2020 – Essex Financial Group (“Essex”) has secured $12.1 million in financing for the Forty45 Townhomes, a brand new, 33-unit townhome project located in the Sunnyside neighborhood of Denver. Essex worked on behalf of the borrower, HM Capital Group, to secure the 15-year, fixed rate non-recourse loan with a national life insurance company. The Forty45 Townhomes are part of the greater Block Forty45 development, a unique combination of residences, office and retail located at 4045 Pecos Street in Denver’s historic Sunnyside neighborhood. Comprised of five individual buildings, the townhomes feature 3-bed, 3.5 bath layouts varying in size from 1,5...

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Featured Image for Closing a Loan During the Covid-19 Crisis

Closing a Loan During the Covid-19 Crisis

We are all feeling the impacts of COVID-19, and lenders and borrowers alike are allocating a significant portion of their time and energy towards assessing properties in their existing portfolios, evaluating current and potential risk exposure, and doing their best to handle day-to-day tasks in this everchanging environment. This sudden shock to the commercial real estate industry has reduced deal activity in the market, both from an acquisitions and financing perspective. While many borrowers have decided to wait to secure financing for their property until the market volatility subsides, there are many occasions in which a buyer or owner needs to transact during these times....

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