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1/03/18
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Walker & Dunlop Inc structured three loans totaling $86 mil for a four-property portfolio consisting of two Class A office buildings and two industrial warehouses in Phoenix, Tempe, and Scottsdale, AZ.
The portfolio comprises a total of 709k sf of rentable space. Each property is well-located within their respective markets, near major thoroughfares and amenities such as retail and restaurants. The assets also enjoy close proximity to major employers, such as Farmers Insurance, Honor Health, General Dynamics, Northern Trust, State Farm, Vanguard, Mayo Clinic, and CVS.
The loan for one property, 101 Corporate Center, served as acquisition financing, while the remaining two loans were refinances. Debt for the two industrial warehouses, 8990 South Kyrene Road and Riverside Commerce Park, was consolidated into a single loan structure. The three long-term, fixed-rate loans were closed at favorable rates with three separate life insurance companies.
W&D’s Jim Pierson and Keaton Merrell led the team in arranging the debt on behalf of Globe Corporation.
Phoenix and Tempe are ideal markets for both industrial and office properties, thanks to above-average job growth, and strong absorption. Scottsdale, located within the most populous county in Arizona, is an established, upscale area with beautiful scenery that draws employees, families, and tourists alike.
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