Essex Financial Group closed four (4) transactions totaling $23 million in the final weeks of July. The loans financed a mix of asset types, including industrial, multifamily, and office. Since the initial shock of COVID, Essex has seen insurance companies adapt to the current environment, resulting in an uptick in lending activity in the last few months. A summary of the four transactions is as follows:
Summit at CTC II - Essex arranged a $5,200,000 permanent loan on a newly constructed 41,000 square foot Class A industrial building in the Colorado Technology Center (CTC). The new loan refinanced the existing construction loan and was placed with a national life insurance company. The 15-year loan features a 30-year amortization and an attractive interest rate. The property, known as the Summit at CTC II provides highly functional, small bay industrial space for tenants demanding less than 50,000 sf of space.
Prescott Apartments - Prescott Apartments is a 125-unit apartment property in Southeast Denver consisting of studio, one, and two-bedroom units. The property was 97% occupied at closing. Essex was able to arrange a $10,500,000 permanent, non-recourse loan with a life insurance company. The loan features a 10-year term, with two-years of interest-only.
Nichols Industrial Building - Essex financed a 37,100 square foot industrial property located at Nichols Blvd and N El Paso St in northern Colorado Springs. Essex arranged a $2,300,000 loan to refinance the existing debt on the property. The non-recourse loan features a 12-year term, fixed interest rate and was placed with a national life insurance company. At closing, the property was 100% leased to two industrial/warehouse tenants.