Lakewood, CO – Essex Financial Group secured $17.0M of bridge financing for the acquisition of 143 Union, a 191,564 SF, 10-story office property centrally located in the Union Boulevard Corridor in Lakewood, CO. Essex worked on behalf of the buyer, Legacy Real Estate Investments, to source the five-year, fixed rate loan that was provided by an insurance company Essex has a long-standing relationship with.
143 Union, a class A landmark 10-story building occupied was just over 70% occupied to a wide range of tenants that benefit from convenient light rail and vehicular access, walkable retail and restaurants, and upgraded common areas. The property is located in the supply constrained west submarket where leasing activity has been robust and tenant space utilization is high.
“Suburban office bridge financing is challenging right now for all the obvious reasons but we were able to utilize our lending relationships and source non-recourse, fixed rate debt for this class A asset that’s well located in a stable submarket with strong fundamentals” – Peter Keepper & Jack Korosec
Essex secured the fixed-rate, non-recourse loan with a life insurance company relationship at a fixed interest substantially below alternative floating rate non-recourse financing options with debt funds. The loan included a 3-year interest only component with future funds and prepayment flexibility to match the Buyer’s business plan.
143 Union was the 2nd acquisition by a private investor in Salt Lake City. The buyer’s expertise with operating suburban office and track record with his other asset in Denver was also beneficial.
Essex’s Capital Markets team was led by Peter Keepper, Jack Korosec, and Stephen Price.
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 Legacy Real Estate Investments
Founded in 2005, Legacy Real Estate Investments has been actively engaged in the sourcing, due diligence, acquisition, disposition, asset management and property management of office, retail, industrial, and multifamily commercial real estate throughout the Western United States.