August 2, 2021
Prime Rate

Posts in Recent Transactions

Essex Sources $6,000,000 Loan on Colorado Springs Industrial Building

Colorado Springs, CO (July 15, 2021) – Essex Financial Group (“Essex”) recently arranged a $6,000,000 non-recourse loan to refinance the existing debt 1610 Garden of the Gods Road.  Essex originated the loan with one of its life insurance company relationships, and the 15-year term came with a very competitive fixed interest rate.  The new loan was used to refinance a bank loan, return equity, and fix the debt constant for a long-term holding period.        1610 Garden of the Gods Road is a 104,000 square foot industrial building that was built in two (2) phases between 1979 and 2000.  The building features 18-2...

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Essex March Loan Closings

Essex Financial Group closed loans totaling $150.5 million in proceeds in March, which represents our most active month since the start of the pandemic. March closings included a variety of property types (medical office, retail, and industrial) and loan structures (permanent, bridge, construction). Highlighted transactions include a bridge loan used to finance the acquisition and future leasing capital for an industrial property in Byhalia, Mississippi placed by a debt fund, the refinance of a medical office building downtown Seattle, Washington placed by a correspondent life company, and the refinance of a new retail center in Parker, Colorado also placed by a corr...

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Essex February Loan Closings

Essex is happy to announce that lender activity is picking up as we start 2021. The month of February was particularly active, as Essex Financial Group closed four transactions totaling $21.1 million. Three of the four properties were located in the Colorado Front Range and included both industrial and office properties. The fourth closing was for long-time client's acquisition of a grocery-anchored shopping center in Savannah, GA, which was a full-term interest only execution. The four loans were all placed with correspondent life insurance companies, and all were non-recourse to the borrowers. Lenders continue to be very active and aggressive in quot...

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Essex December Loan Closings

Essex is happy to announce a strong finish to a very difficult year. In the month of December 2020, Essex Financial Group closed five (5) transactions totaling $107 million. All five properties were located in the Denver-Boulder MSA and included both industrial and office properties. The closings featured insurance company and CMBS executions. One of the transactions was a non-recourse bridge loan from a life insurance company, a space where more and more insurance companies are trying to compete. We are encouraged by this activity in the capital markets and will continue being optimistic as we ring in the New Year. We would like to wish everyone a happy an...

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