ESSEX FINANCIAL SERVICES: HOW WE WORK FOR PARAMOUNT SPECIALTY FINANCE
By Christian Baggett
Director Of Business Development at Essex Financial Services LLC
The best way to tell people about Essex Financial Services is through stories of our clients’ successes and how we serve them every day. There are fewer companies in the private construction lending space that have been as successful as our client Paramount Specialty Finance.
Brian Barrow and Joel Waxman, the Managing Partners of Paramount Specialty Finance (“PSF”), have built a highly successful CRE lending platform in Austin, TX. The PSF team specializes in providing unique solutions to commercial real estate build to suit and net lease projects, including up to 100% loan to cost financing. In the last five years alone, Paramount has funded over $650 million in loans across the country. The combined CRE development and credit investing experience of both Brian and Joel has certainly played a role in their success; however, what sets them apart is their ability to create a highly efficient lending program though constant refinement of how they select clients, underwrite deals, document loans, and provide “service after the sale.”
How did Essex Financial Services and Paramount connect? In 2016, Paramount was seeking a new servicing partner with an excellent reputation. After being recommended by one of our clients, Brian and Joel reached out to Patrick Dahnert, our Managing Director. Soon enough, Paramount engaged Essex to work closely with the PSF team to service all aspects of their growing platform including reviewing all construction draws.
Essex sets the tone on day one. Our team members make it a point to learn as much as they can about Paramount’s new borrowers as they are onboarded. This approach not only assures prompt turnaround on funding draws, but also ensures that we fully understand the client’s needs. Essex's goal is for Paramount’s customers to show up at their closing table again and again. In fact, a vast majority of Paramount’s borrowers have become repeat borrowers and long-term relationships.
Paramount has developed a highly programmatic approach to deal making while remaining flexible. Brian and Joel’s collective experience developing commercial real estate and vetting alternative investments heighten their ability to know when accommodations are appropriate for each deal. “Essex is a partner and an important part of our loan management and construction draw process,” said Brian Barrow. Essex works in lockstep with Paramount in their unique approach to each customer. Joel Waxman added “We’ve worked closely with Essex over the years to ensure our borrowers are communicated with properly and ultimately the projects and our loans are protected along the way.”
Essex complements Paramount’s skills with years of experience providing services to lenders of all sizes and risk profiles. We service commercial real estate loans owned by dozens of institutional mortgage investors, private lenders and debt funds. We apply our boutique approach to loans originated from core, bridge, construction and other high-yield debt programs with commercial real estate collateral located throughout the US. Including our work for Paramount, we have also reviewed in excess of $1 billion in bridge and construction draws. Our assets under management is growing every day.
If you are seeking financing for your next build-to-suit or net lease development project, please reach out to Matt Valdez, Director of Business Development at Paramount Specialty Finance. Matt’s e-mail address is valdez@paramountfin.com.
If you are considering a full-service solution to all the post-closing aspects of your lending platform, contact Chris Baggett, Director of Business Development at Essex Financial Services to discuss how we can help. Chris’ e-mail address is christian.baggett@essexfs.com.
If you would like to know more about what it is like to work with Essex, contact Brian Barrow or Joel Waxman at Paramount Specialty Finance.