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, followed by a 30-year amortization. The loan also incorporated minimal structure for on-going leasing dollars.

  • Capital Source:  Life Company
  • Purpose:  Acquisition
  • Loan Amount:  $29,000,000
  • Interest Rate:  2.81%
  • Loan Term:  7 Years
  • Amortization:  Interest-only for 1 year, followed by a 30-year amortization
  • Recourse:  Non-recourse

Essex‚Äôs team was led by Principal, Alex Riggs and Assistant VP, Blaire Butler