September 26, 2023
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Posts in Recent Transactions

Essex Arranges $11.0M Loan for Littleton, Colorado Industrial Property

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 Arranges $29.25M in Permanent Financing for Northern Colorado Multifamily Properties

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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Essex Arranges $21.4M Bridge Loan for Metro Dallas Industrial Acquisition

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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Essex Arranges $40.0M Permanent Financing for Grocery-Anchored Retail Acquisition

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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