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6/30/17
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Presson Companies has obtained $151 mil in new permanent financing for a 30-property, multi-tenant industrial portfolio totaling more than 4 msf and in excess of 1,000 tenants. The financing was arranged by Newmark and funded by VOYA.
The portfolio is a mix of light industrial / manufacturing buildings with small to medium-size bay depths located in Phoenix, Tempe, Mesa, Chandler, Gilbert, Glendale, Goodyear, Surprise and Peoria, Arizona. The properties were constructed between 1966 and 2008 with approximately 25% of the tenants on month-to-month leases and range in size from 52.5k sf to 260k sf.
Newmark’s Tim Storey and Chad Metzger arranged the 15-year, sub 4% rate, non-recourse financing through life company, VOYA. The loan will be serviced Newmark.
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