June 20, 2024
Prime Rate

Posts in Featured Transactions

Essex Arranges $5.0M Permanent Loan for Boulder Office Portfolio

Boulder, CO – Essex Financial Group (“Essex”) secured a $5.0M loan for Burden, Inc. (the Sponsor) to refinance its Walnut Offices Portfolio located in the heart of central Boulder, Colorado. The portfolio is comprised of three office buildings totaling 24,977 square feet. Essex structured a loan modification with the existing life insurance company lender to provide more loan proceeds to the Sponsor in a cash-out refinance.The existing loan was originated in 2014 and was set to mature in 2029. Given the current interest rate environment, the Sponsor wanted to get ahead of the loan maturity and explore a refinance. Although there were competitive options from multipl...

Read More

Essex Arranges $7.9M Acquisition Loan for Boulder County Industrial Property

Louisville, CO – Essex Financial Group (“Essex”) secured $7.9M in acquisition financing for the purchase of 1850 Dogwood, a 58,901 SF industrial warehouse/production facility located in Boulder County’s premier Colorado Tech Center (CTC). Essex worked on behalf of the buyer, Ivy Realty, to source the five-year, fixed rate loan for the acquisition. 1850 Dogwood is 100% leased to Alternative Foods, a wholly owned subsidiary of Savencia Fromage & Dairy, one of the world’s leading companies in the dairy industry. The infill manufacturing facility is used as a processing facility for plant-based foods and features 20’ clear heights, dock-high and drive-in doors,...

Read More

Closed Loan Spotlight - Heritage I & II

Essex Financial Group arranged a $29 million permanent loan to finance Heritage I & II, an office property located in North Dallas. The Borrower purchased the 367,682 square foot asset in May 2021 in an all-cash transaction. Occupancy at the time of purchase was 73% and the Sponsor has since invested significantly in the leasing, bringing it up to 83% within the first 120 days. The property had recently undergone $7.1M in renovations and upgrades prior to the change in ownership.Essex placed the non-recourse permanent loan with a prominent national insurance company. The 7-year loan features a competitive fixed interest rate with one year of interest-only, follow...

Read More

Essex sources $18,400,000 bridge loan for portfolio acquisition in Westminster

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 directl...

Read More