Littleton,
CO – Essex
Financial Group (“Essex”) secured $11.0M in post-acquisition financing for Chatfield
Distribution Center, an 88,152 SF light industrial property located in
Littleton, Colorado. Nicola Wealth Real Estate (“Sponsor”), purchased the asset
at the end of 2021. Essex arranged the permanent financing with a life insurance
company at a highly attractive rate with some interest only and prepayment
flexibility. Chatfield
Distribution Center is 100% occupied with the majority of the tenants having a
tenure over 10 years. Constructed in
1997, the property features 25-30% office finish build outs, both dock and
drive-in loading and flexible...
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Essex
Financial Group (“Essex”) secured two permanent loans totaling $29.25M for M.
Timm Development, Inc. (“Sponsor”) for two of its multifamily properties. Both
loans were sourced from the same prominent national life insurance company who
provided a more competitive interest rate than both of the government agencies.
The loans were rate-locked in September 2021 for a funding in February 2022.
Both loans were low-leverage and featured full-term interest-only. Grandview
Meadows Apartments is comprised of 144 units across six, three-story buildings
totaling 142,308 SF. The property represents Phase I of a four-phase
multifamily development by the Sponsor, totaling 508...
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Dallas, TX January 5, 2022 - Essex Financial Group (“Essex”) arranged a $21.4
million bridge loan for TT Logistics F1, LP (“Sponsor”) for the acquisition of
I-20 Corporate Center in DeSoto, Texas. The 385,472 square foot industrial
building is situated in the Southwest Dallas Submarket with access to Dallas
and Fort Worth. Prior to the sale, the seller, a Dallas-based operator, signed
a long-term 265,248 square foot lease with a global manufacturer. Essex placed the $21.4M, floating rate bridge loan
with a relationship debt fund lender. The loan includes an initial principal
balance $20.9M and a future funding facility to finance tenant improvements and
leas...
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Phoenix,
AZ – Essex
Financial Group (“Essex”) secured $40.0M in financing for the acquisition of Arcadia
Crossing, a 450,000 SF grocery-anchored power center in Phoenix, Arizona. Essex
worked on behalf of the buyer, a private family office, who has decades of
experience in retail investment and management. The retail center was 91%
leased at the time of sale and was occupied by a mix of national/credit
tenants, in addition to having Costco as a shadow-anchor. Anchor tenants
included Fry’s Food & Drug (S&P: BBB), Target (S&P: A), Burlington
(S&P: BB), and Conn’s HomePlus. Other national retailers at the
five-building property included Ross, Petco and F...
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