October 4, 2022
Prime Rate
6.25%
3.17%
3.62%
3.62%

Essex Arranges $7.8MM in Financing for a Multi-Tenant Office Building

[Denver, June 29th, 2020]– Essex Financial Group (“Essex”) has secured $7,800,000 in financing for the Wheeler Block Building, a 33,125 square foot office building located in the Highlands neighborhood of Denver. Essex worked on behalf of the borrower, Centre Point Properties, to secure the 7-year, fixed-rate non-recourse loan. Constructed in 1892 and renovated in 2008, the Wheeler Block Building is a highly desirable small tenant office building and is a designated historic landmark of the City and County of Denver. The Property is currently 97.1% occupied by 23 tenants. The Building is brick and timber construction with historic architecture, and has an open, m...

Read More

Lender Approaches are Changing for Office Space

View Article

Update: Life Company Activity During COVID-19 Pandemic

View Article

Essex Arranges $11.5M Financing for a Grocery-Anchored Retail Center During COVID-19

Denver, May 18, 2020 – Essex Financial Group (“Essex”) has secured $11.5 million in financing for Kent Place, a 48,175 SF grocery-anchored retail center in the Cherry Hills Village neighborhood of Denver. Essex worked on behalf of the borrower, Continuum Partners, to secure the 15-year, fixed rate non-recourse loan with a national life insurance company.Originally developed in 2011 in a joint venture partnership with Regency REIT, Kent Place sits adjacent to Cherry Hills Golf Club at the corner of University Blvd and Hamden Ave. The property is part of a 11.5 acre mixed-use development comprised of retail and 300 luxury apartment units, the Kent Place Residences. The f...

Read More

How are Life Companies Reacting to the Current COVID-19 Pandemic?

How are Life Companies Reacting to the Current COVID-19 Pandemic (As of 4/30/20)?Life insurance companies have long been considered a conservative source of capital in the commercial debt markets. They typically lend at lower leverage points on assets that are stabilized or offer minimal risk profiles, which in turn allows them to be one of the lowest costs of capital without requiring a personal guarantee. The commercial real estate industry has been severely impacted by the current pandemic, and just like every other lender in the debt markets, life insurance companies are re-assessing how to deal with the effects of the COVID-19 pandemic on a daily basis. Each life company...

Read More

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