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CBRE Secures $13.5M in Financing for Warehouse in Billings
CBRE arranged a $13.5 million participating construction loan to build a 39,600-square-foot light industrial warehouse space on 9.77 acres in Billings, Montana. The facility will be in a predominantly regionally oriented light industrial district and serve as a distribution warehouse with a 32-foot clear height.
Bob Ybarra, Bruce Francis, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korinek with CBRE’s Capital Markets Debt and Structured Finance team negotiated the participation construction and permanent loan at a fixed 5.75% interest rate on behalf of the client. Upon completion, the building will be occupied by a single tenant long-term.
“We are happy to announce the successful construction financing for a last-mile industrial facility in Montana,” said Mr. Ybarra, executive vice president at CBRE. “Providing 82.5% of the total cost in a participating loan, together with a fixed interest rate of 5.75% during the construction and permanent term, made for a very compelling option for the client.”
