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...

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...

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...

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...

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...

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...

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...

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...

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...

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...