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Bandon Capital Arranges Refi on IOS Site
Bandon Capital Advisors recently arranged an $11.5-million loan to refinance a 3.11-acre covered-land industrial site with space for industrial outdoor storage (IOS) in Costa Mesa and secured $5 million in financing for two single-tenant industrial assets in Burbank and Pico Rivera. Both transactions were arranged on behalf of BLT Enterprises.
IOS fills a critical need for logistics companies, especially in markets with little or no remaining vacant land, said Bryan Kenny, co-founder and president at Bandon Capital Advisors. “This is a growing asset class garnering the attention of institutional capital over the past few years.”
The site, which includes a 12,588 square-foot truck and automotive maintenance facility and office building, has been leased to a group of local Hyundai dealerships. The tenants plan to use the property as a reconditioning, repair and storage location.
Kenny said that for the refinancing transaction, Bandon secured a long-term fixed rate loan with some interest-only periods followed by a 30-year amortization schedule with a life company lender.
- ◦Financing
