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$57M Acquisition Financing Secured for MN Industrial Portfolio
JLL has arranged the $57.27 million acquisition financing for an eight-building industrial portfolio totaling 941,564 square feet spread across Eagan, Brooklyn Center and Fridley, Minnesota. The JLL Capital Markets Debt Advisory team was led by Senior Director Bill Mork.
JLL worked on behalf of the sponsors, a joint venture partnership between Capital Partners and Eagle Realty Group, to secure the five-year, 65 percent LTV, fixed-rate loan through a JLL correspondent life insurance company.
The portfolio boasts an overall occupancy of 98.5 percent, with only 14,250 square feet of vacant space. The diverse property mix offers 16- to 30-foot clear heights and a 23-tenant multi-tenant roster. The Minneapolis-St. Paul industrial market is comprised of 351 million square feet of rentable space and boasts an overall vacancy rate of 2.6 percent.
