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1/28/13
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Kevin Burkhalter, Senior Vice President in Johnson Capital’s Los Angeles office, has arranged, on behalf of a privately held entity, $54 mil in permanent financing secured by a six-building industrial warehouse/distribution portfolio located in Los Angeles County.
The properties comprise a total of 882k sf and are leased to seven tenants. The buildings are a mix of older and newer structures, built between 1971 and 2009. The properties are located within three miles of one another and each is in a planned industrial park setting.
Funded by a major insurance company, the loan has a fixed interest rate of 3.79% for the fully-amortizing 20-year term. Among the attractive loan features that Johnson Capital negotiated is a flat 1% prepayment structure after the 15th year of the loan term, as well as partial release and substitution provisions. Based in Los Angeles County, this well-capitalized borrower is the developer and original owner of each of the six buildings.
Commenting on the transaction, Burkhalter noted that, “The security included a variety of quality buildings providing the lender with a well-balanced pool of collateral and staggered lease terms, which helped the loan pricing and overall loan structure. Warehouse/distribution buildings in Los Angeles County continue to be sought after by both debt and equity providers due to such factors as our dominant ports, the large population base and a mature, in-fill market with a consistently low vacancy rate.”
Burkhalter’s team within Johnson Capital has closed over $2.8 bil of financing on some 38 msf of income property, including numerous loans with this same borrower during the last 15 years.
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