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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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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If you’re on
the fence about refinancing, now is the time. After months of discussing the
risks of raising interest rates too quickly, the Federal Reserve is changing
course and suggesting that it will raise rates sooner than anticipated in
response to surging inflation and falling unemployment rates. See the WSJ
article below. We’ll be following next
week’s Fed meeting on 12/14-12/15, but “projections are likely to show most of
them expect more than one quarter-percentage-point increase next year.”
Please reach
out to see if we can help you lock in an attractive interest rate—before rates
go up.High Inflation, Falling Unemployment Prompted Powell’s Fed Pivot...
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As seen the the CREJ Retail Properties QuarterlyThe strong economic rebound
over the summer triggered
a rapid recovery in retail
investor demand, and this
momentum is expected to
continue well into next year. Tenants’ sales increased, delinquencies are down, and the majority of
landlords are back to pre-pandemic
collections. Although headwinds
remain with supply chain issues
and labor shortages, strong consumer demand is forecast to
continue and strengthen in 2022.
While some rents are being reset,
the majority of recent retail loans
we’ve closed indicate pre-pandemic
rents are holding or increasing.
Retail development historically has
been tempered compared to...
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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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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...
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- By Chris White, Blaire Butler & Paul Donahue
- November 04, 2021
- Posted In: Featured Articles
Multifamily, to no one’s surprise, continues to be one of the most desired product types in the Denver market and across the country. At roughly $5.9 billion, according to Real Capital Analytics, 2021 multifamily transaction volume year to date already has surpassed the past three years and potentially will set an all-time record. Fundamentals have come back in a tremendous way since the stagnation of the market caused by COVID-19, leading to alltime low cap rates and even more competitive transaction processes.As it continues to be a darling for investors, it is also a darling for insurance company lenders. Insurance companies always have been a strong lending source for mult...
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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, follow...
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- By Alex Riggs, Blaire Butler & Andrea Mehlem
- September 22, 2021
- Posted In: Featured Articles
Featured in the Colorado Real Estate Journal's Office & Industrial QuarterlyThe delta variant has proven
to be a major curveball for
office tenants who optimistically planned for a
post-Labor Day return to the
office. While some companies have
stayed the course and welcomed
employees back to their cubicles,
others have prolonged their work-from-home policies indefinitely. For
now, a hybrid plan is keeping the
office market in limbo. Investors
and lenders remain hesitant on the
asset class as a whole, so much so
that office is the new alternative
asset product.
With capital flooding the market,
lenders have flocked to COVID-19-era darlings,
industrial and
multi...
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As seen in RE Business OnlineSEATTLE — Essex Financial Group has arranged a $75 million permanent loan for Menashe Properties to refinance Medical Dental Building, an infill medical office building in downtown Seattle. The sponsor purchased the 297,470-square-foot historic building in 2019 and assumed existing debt on the property.The seven-year loan features a fixed interest rate with three years essaysservicesreviews.com of interest-only payments followed by a 30-year amortization. Alex Riggs and Blaire Butler of Essex Capital Markets secured the financing for the borrower.Originally built in 1924, the 18-story office building has undergone several renovations with...
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