Denver, CO November 15, 2021 - Essex Financial Group (“Essex”) arranged
a $15.3 million bridge loan for Dalfen Industrial (“Sponsor”) for the
acquisition of 6383 Las Positas Road in Northern California. The 106,700 square
foot industrial building is situated in the Tri-Valley region with access to
both Oakland and San Jose. The Seller, Prism Logistics, has been the sole
tenant in the building for more than 10 years. The parties negotiated a sale
and short-term leaseback with the seller.
Essex
placed the $15.3M, bridge loan with a prominent national life insurance company
at a competitive rate that was fixed throughout the term of the loan. The loan
includes an initial principal balance, a future funding facility to finance
tenant improvements, leasing commissions and capital improvements, and an
up-front reserve for debt service payments while the property is being
re-tenanted. The loan features an initial term of 24-months, followed by two
extension options.
6383 Las Positas Road was constructed in 1985 and features 25’ clear heights, 11 loading docks and one drive-in door, located at the front of the Property. Additionally, there are four rail doors in the rear of the Property, which connect to a rail line. The building is currently configured for a single tenant, but could be converted to a multi-tenant building at a relatively minimal cost.
Essex’s Capital Markets team was led by Assistant Vice President Blaire Butler and Principal Alex Riggs.
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About Essex Financial Group
Essex
Financial Group is a commercial mortgage banking firm headquartered in Denver,
Colorado, specializing in commercial real estate debt and equity placement. For
over 30 years, Essex has helped its clients navigate the capital markets
effectively and efficiently to identify the best capital source and structure
to meet their needs. For further information, please visit essexfg.com
About Dalfen Industrial
Dalfen Industrial is one of the
nation’s largest buyers and developers of industrial real estate and is a
leader in the last-mile property sector. Their investment focus is on
strategically located urban infill warehouses and distribution buildings.
Dalfen currently owns and operates millions of square feet of premier
industrial properties throughout the United States. Dalfen Industrial is
headquartered in Dallas, Texas with regional offices in the Bay Area, Phoenix,
Denver, Chicago, Cincinnati, Philadelphia, Raleigh, Atlanta, Orlando and
Montreal, Canada.