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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This article
appeared in the Colorado Real Estate Journal's August 18th
Publication LINK As we enter the second half of the year, the
debt and equity markets continue to be very active, albeit with some lingering
areas of caution brought about by the pandemic. Below are some key takeaways
through the first half of 2021.
Life company allocations update. At the start of 2021, annual life insurance
company mortgage allocations generally mirrored 2020 year-end figures,
reflecting a steep decrease from original 2020 allocations. The conservative
projections reflected continued uncertainty surrounding the timing of the
economic recovery, the distribution of vaccines, and...
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Centennial,
CO (August 2, 2021)
- Essex Financial Group (“Essex”) recently secured a $17,155,000 non-recourse
bridge loan with a national debt fund for the acquisition of 9110 East Nichols
Avenue (“Highland Place II”) by Centre Point Properties. The 3-year, floating
rate loan included future funding proceeds to modernize the building, spec out
vacant space, and lease up the Property. The interest-only loan also allowed
the borrower to use Property Assessed Clean Energy (PACE) financing to upgrade
the building’s energy efficiency. Highland Place II is a 3-story,
141,000 square foot multi-tenant office building located in the heart of
Southeast Denver’s suburban office...
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Essex Financial Group
promoted its first female partner, advancing longtime team member Alex Riggs.After several years at Essex working as a producer and with
years of extensive capital markets and underwriting experience under her belt,
Riggs joined the ranks of several male partners at the firm.Before joining Essex, Riggs previously served as the originator
for the Central and Northeast Regions of Prudential Mortgage Capital Co. and
originated more than $1.59 billion across all of Prudential’s capital sources.
The asset types she specializes in include stabilized and pre-stabilized
multifamily, grocery-anchored retail, hospitality, industrial and Class A
offic...
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Colorado Springs, CO (July
15, 2021) – Essex Financial Group
(“Essex”) recently arranged a $6,000,000 non-recourse loan to refinance the
existing debt 1610 Garden of the Gods Road.
Essex originated the loan with one of its life insurance company
relationships, and the 15-year term came with a very competitive fixed interest
rate. The new loan was used to refinance
a bank loan, return equity, and fix the debt constant for a long-term holding
period. 1610 Garden of the Gods
Road is a 104,000 square foot industrial building that was built in two (2)
phases between 1979 and 2000. The
building features 18-2...
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Westminster, CO (June 24, 2021) – Essex Financial Group (“Essex”) has secured an $18,400,000 bridge loan for the acquisition of 7237, 7401 and 7403 Church Ranch Boulevard (“Church Ranch Portfolio”) by a joint venture between CWCapital Investment Management (“CWCapital) and Kenai Capital Advisors (“Kenai”). The loan proceeds were used to acquire the three properties and one development parcel, and fund future leasing capital to stabilize the buildings and manage future lease renewals. The Church Ranch Portfolio is comprised of three single-story, institutional quality office / flex buildings situated on 12.6 acres in a campus like setting located directl...
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It’s starting to become old news to say it, but industrial properties continue to be the most desired product type among investors and lenders. As logistics, technology, e-commerce and construction services companies continue to be such important parts of our economy, the industrial real estate markets continue to flourish. We have worked on a wide range of industrial property financings this year, and we would like to share some frequently asked questions and key financing themes that have come up on recent deals.Question: We
recently completed a Class A industrial development and already are 75% leased
within six months of delivery. Is it too early to explore the permanent...
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Essex
Financial Group arranged a $9 million permanent loan for BD Omni
#1, LLC, a Colorado limited liability company co-managed by H. Dean Properties and
Benitez Asset Management, LLC to refinance Denver Airport Business Park, an
industrial flex property located in the airport submarket of Denver, CO. BD
Omni #1, LLC purchased the three-building portfolio totaling 91,500 square feet
in 2014.Essex
placed the $9M permanent loan with a national credit union in a cash-out
refinance transaction. The 10-year loan features a competitive fixed interest
rate with three years of interest-only, followed by a 30-year amortization. The
loan is open to prepayment throughout the li...
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