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March 25, 2019
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Bixby Land Led Venture Secures $180 Mil Credit Facility

1/03/19

Bixby Land Co, in a joint venture with an institutional partner, has secured a $180 mil credit facility. The fundís initial closing of $48.875 mil was used to finance a four-building, Class A industrial portfolio totaling 982.5k sf in San Bernardino and Sacramento and Phoenix.

The initial assets comprise two CA and two Phoenix, AZ properties. The California properties are a 104.5k sf, Class A property at 19949 Kendall Dr in San Bernardino and a 387.4k sf building located at 3510 Carlin Dr in West Sacramento. The Phoenix properties consist of Canal Crossing Logistics Center, a 155.1k sf building at 5670 South 32nd St, and Riverside@ 51st Avenue, a 335.5k sf building at 2300 South 51st Ave.

Kevin MacKenzie and Brian Torp with HFF arranged the financing on behalf of Bixby Land Co. The team worked on behalf of the partnership it previously assisted in forming, whose strategy is to acquire core and core-plus industrial properties throughout the Western U.S. The seven-year, full-term, interest-only facility was arranged with a correspondent life insurance company and provides the partnership the ability to add assets for up to 24 months and the flexibility to fix or float the interest rate. In addition, it has various attractive features, including flexible prepayment, substitution and release provisions.

HFF will service the facility and the remaining capacity will be used to acquire additional industrial properties throughout the Western U.S.





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