Denver, CO – Essex Financial Group (“Essex”) arranged $32.0M in acquisition financing for the purchase of 2nd & Josephine, a four-building, 105,253 SF mixed-use property in the heart of Cherry Creek North. Essex worked on behalf of the buyer, Altus Properties, to source the seven-year, fixed rate loan with a prominent life insurance company.
2nd & Josephine is situated on a ½ city block in Denver’s strongest office market, surrounded by top restaurants, hotels, retailers, abundant new construction and more. The Property is currently 100% leased and anchored by Bank of America and boasts an average historical occupancy of 93% since the last building was built in 2004, speaking to the desirability of the asset and Cherry Creek. The property is comprised of Class A office (~78%) and high-end, street-level retail (~22%), and ±260 parking spaces in a five-story garage, providing one of the highest parking ratios in the Cherry Creek market. The highly diversified rent roll of 16 tenants includes companies in the financial services, real estate, wealth management, reproductive health and medical aesthetics. These tenants benefit from the unparalleled walkable amenities including the city’s best restaurants, boutiques and hotels. Whole Foods is located directly across the street from the Property and the 160-store, 400,000 SF Cherry Creek Shopping Center is within walking distance.
Essex secured the fixed-rate, non-recourse loan with a national life insurance company at competitive interest rate to best accommodate the buyer’s business plan.
Essex’s Capital Markets team was led by Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem.
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 Altus Properties
Altus Properties is a Missouri-based real estate investment firm with over 4.3 million square feet of office, industrial, retail and multifamily properties. With a cycle-tested platform dating back to the mid- 1960s, its understanding of real estate dynamics allows the company to anticipate the needs of its investments and optimize risk-adjusted returns for its private and institutional partners. For more information, visit www.altusproperties.com