Westminster, CO (June 24, 2021) – Essex Financial Group (“Essex”) has secured an $18,400,000 bridge loan for the acquisition of 7237, 7401 and 7403 Church Ranch Boulevard (“Church Ranch Portfolio”) by a joint venture between CWCapital Investment Management (“CWCapital) and Kenai Capital Advisors (“Kenai”). The loan proceeds were used to acquire the three properties and one development parcel, and fund future leasing capital to stabilize the buildings and manage future lease renewals.
The Church Ranch Portfolio is comprised of three single-story, institutional quality office / flex buildings situated on 12.6 acres in a campus like setting located directly in between Denver and Boulder. The Properties were 82% leased at acquisition to eight tenants with a weighted average lease term of 5.0 years and included household names such as Motorola, Cummins, Concentra Health Services and UCHealth. Built in 2000, each building features 16’-18’ clear heights, 4.24 : 1,000 sf parking, individual suite entrances, expansive window lines, manicured landscaping and mountain views. CWCapital and Kenai intend to lease up the one remaining vacancy to stabilize the Properties and renew the largest anchor tenant during the hold period.
Essex originated the 3-year floating rate loan with a national life insurance company. The interest-only loan features a very competitive floating rate and ample future funding to execute CWCapital and Kenai’s business plan.
Essex’s Capital Markets team was led by Assistant Vice President Paul Donahue, President Cooper Williams and Real Estate Analyst Nate Schneider.
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About Essex Financial Group
Essex Financial Group is a commercial mortgage banking firm headquartered in Denver, Colorado, specializing in commercial real estate debt and equity placement. For over 30 years, Essex has helped its clients navigate the capital markets effectively and efficiently to identify the best capital source and structure to meet their needs. For further information, please visit www.essexfg.com.
About CWCapital
CWCapital’s dedicated investment team provides a hands-on approach to investment management that has proven critical in identifying and executing effective value-add initiatives. Our team focuses on value add and opportunistic transactions in the multifamily, industrial, office, retail, and hotel sectors. CWCapital has successfully acquired over $1 billion of distressed loans and properties across the U.S. and Grand Cayman. To learn more, visit www.cwcapital.com
About Kenai Capital Advisors
Kenai Capital Advisors works passionately to purchase and professionally asset manage commercial real estate for our investors. The team brings over 40 years of combined commercial real estate experience to every project it takes on. The company strives to make every property decision with the clear goal of maximizing our investor returns. To learn more, visit www.kenaicap.com