Keystone Mortgage Corporation has arranged $69,500,000 in fixed-rate permanent loans to refinance a portfolio of Southern California industrial properties totaling approximately 1.07 million square feet. The company arranged the loans through one of its life insurance company correspondent lenders, which provided the non-recourse loans at an extremely competitive spread.
“The financing facilitated the refinance of the maturity balances with significant cash-out,” said Nick Viscount of Keystone’s Orange County production office, who secured the financing on behalf of the borrower, an undisclosed private real estate investor. “Despite the challenge of multiple single-tenant buildings with near-term lease expirations, the winning lender was able to focus on the conservative metrics, the excellent locations and market fundamentals, and a very strong sponsor, which ultimately provided competitive terms.”
The properties are improved with 15 concrete tilt-up buildings and situated on a combined 52.5 acres.
