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 correspondent life company. All loans were non-recourse to the borrowers.
Lenders continue to be very active and aggressive in quoting loans - especially for industrial and multifamily properties. Essex is also seeing more activity in the retail lending space, with lenders quoting loans secured by retail properties with stable occupancy and rent collections. Bridge lenders are also very active, and Essex is actively marketing and closing several bridge deals at the moment. We are encouraged by this activity in the capital markets, and we anticipate this trend to continue into the summer.
