November 28, 2020
Prime Rate
3.25%
0.15%
0.86%
0.87%

Essex arranges $12.1M financing for brand new townhome project in lease up during COVID-19

Denver, April 27, 2020 – Essex Financial Group (“Essex”) has secured $12.1 million in financing for the Forty45 Townhomes, a brand new, 33-unit townhome project located in the Sunnyside neighborhood of Denver. Essex worked on behalf of the borrower, HM Capital Group, to secure the 15-year, fixed rate non-recourse loan with a national life insurance company. The Forty45 Townhomes are part of the greater Block Forty45 development, a unique combination of residences, office and retail located at 4045 Pecos Street in Denver’s historic Sunnyside neighborhood. Comprised of five individual buildings, the townhomes feature 3-bed, 3.5 bath layouts varying in size from 1,5...

Read More

Closing a Loan During the Covid-19 Crisis

We are all feeling the impacts of COVID-19, and lenders and borrowers alike are allocating a significant portion of their time and energy towards assessing properties in their existing portfolios, evaluating current and potential risk exposure, and doing their best to handle day-to-day tasks in this everchanging environment. This sudden shock to the commercial real estate industry has reduced deal activity in the market, both from an acquisitions and financing perspective. While many borrowers have decided to wait to secure financing for their property until the market volatility subsides, there are many occasions in which a buyer or owner needs to transact during these times....

Read More

What's Happening with Commercial Mortgages Today?

View Article

A Tenant's Guide to Getting Relief Funds

With the business environment rapidly changing due to the COVID-19 pandemic, we want to keep you informed of what we are hearing and seeing at Essex. The Denver Metro Commercial Association of Realtors (DMCAR) identified three relief programs that were established by either the CARES Act passed on Friday March 27th or by the City of Denver that small businesses can potentially utilize to help weather these difficult economic times. Below is a summary of each program and links to other helpful resources.  Paycheck Protection Program (PPP)Loans That Will Cover Your Rent & Payroll and Can Be Forgiven In TimeThe program provides cash-flow assistance through 100 perce...

Read More

EFG Update: March 2020

We are closely monitoring the rapid and evolving situation with COVID-19 and its impact on our community, the local real estate, and the underlying capital markets.  Below is a short summary of what we are currently seeing in the fluid capital markets.  I know this information is secondary to the health and well-being of your family, friends, and community members, but we want to keep you informed during these unprecedented times.     Insurance CompaniesCorporate bond spreads significantly increased last week (~100 bps), and as a result, insurance company lenders are raising their coupon floors on commercial mortgages to compete with more liquid c...

Read More

Essex arranges $53.7M acquisition financing for transit-oriented office campus

View Article

As uncertainty looms, retail investors seek to lock more than just interest rate

View Article

Cooper Williams Wins NAIOP 2018 Trailblazer Award

View Article

Essex Financial Group Newsletter - January 2019

Below you will find the January 2019 edition of the Essex Financial Group Newsletter. Please use full screen mode for best results. 

Read More

Essex Arranges $11.5M Financing for Coal Mine Retail Center

Coal Mine Retail Center is a 122,446 sf grocery-anchored retail center located in Littleton, CO. The property was most recently renovated in 1988 and major tenants include King Soopers, ACE Hardware, Goodwill, and US Bank. Prompted by a recent lease extension by the grocery store tenant at a higher rental rate, the Borrower wanted to re-finance the current debt on the property to lock in a competitive interest rate for a longer term. The prior debt on the property matured in 2023, therefore, the refinance triggered a prepayment penalty. In addition to sourcing quotes from both life insurance companies and CMBS lenders, Essex was able to strategize with the existing...

Read More