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...

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...

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...

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...

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...

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...

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...

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,...

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...

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...