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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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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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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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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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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