May 21, 2022
Prime Rate
4.00%
0.96%
2.86%
2.92%

Essex Arranges $46.5M in Financing for Two Colorado Office Acquisitions

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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Essex Arranges $11.0M Loan for Littleton, Colorado Industrial Property

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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Essex Arranges $5.0M Permanent Loan for Boulder Office Portfolio

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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Essex Arranges $7.9M Acquisition Loan for Boulder County Industrial Property

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 Arranges $29.25M in Permanent Financing for Northern Colorado Multifamily Properties

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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Essex Arranges $21.4M Bridge Loan for Metro Dallas Industrial Acquisition

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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The Time to Refinance Your Commercial Loan is Now

If you’re on the fence about refinancing, now is the time. After months of discussing the risks of raising interest rates too quickly, the Federal Reserve is changing course and suggesting that it will raise rates sooner than anticipated in response to surging inflation and falling unemployment rates. See the WSJ article below.  We’ll be following next week’s Fed meeting on 12/14-12/15, but “projections are likely to show most of them expect more than one quarter-percentage-point increase next year.” Please reach out to see if we can help you lock in an attractive interest rate—before rates go up.High Inflation, Falling Unemployment Prompted Powell’s Fed Pivot...

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Financing Follows As Market Enjoys a Rapid Rebound

As seen the the CREJ Retail Properties QuarterlyThe strong economic rebound over the summer triggered a rapid recovery in retail investor demand, and this momentum is expected to continue well into next year. Tenants’ sales increased, delinquencies are down, and the majority of landlords are back to pre-pandemic collections. Although headwinds remain with supply chain issues and labor shortages, strong consumer demand is forecast to continue and strengthen in 2022. While some rents are being reset, the majority of recent retail loans we’ve closed indicate pre-pandemic rents are holding or increasing. Retail development historically has been tempered compared to...

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Essex Arranges $40.0M Permanent Financing for Grocery-Anchored Retail Acquisition

Phoenix, AZ – Essex Financial Group (“Essex”) secured $40.0M in financing for the acquisition of Arcadia Crossing, a 450,000 SF grocery-anchored power center in Phoenix, Arizona. Essex worked on behalf of the buyer, a private family office, who has decades of experience in retail investment and management. The retail center was 91% leased at the time of sale and was occupied by a mix of national/credit tenants, in addition to having Costco as a shadow-anchor. Anchor tenants included Fry’s Food & Drug (S&P: BBB), Target (S&P: A), Burlington (S&P: BB), and Conn’s HomePlus. Other national retailers at the five-building property included Ross, Petco and F...

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Essex Arranges $15.3M Bridge Loan for Northern California Industrial Acquisition

Denver, CO November 15, 2021 - Essex Financial Group (“Essex”) arranged a $15.3 million bridge loan for Dalfen Industrial (“Sponsor”) for the acquisition of 6383 Las Positas Road in Northern California. The 106,700 square foot industrial building is situated in the Tri-Valley region with access to both Oakland and San Jose. The Seller, Prism Logistics, has been the sole tenant in the building for more than 10 years. The parties negotiated a sale and short-term leaseback with the seller. Essex placed the $15.3M, bridge loan with a prominent national life insurance company at a competitive rate that was fixed throughout the term of the loan. The loan includes an initial...

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