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Seattle & Northwest  + Oregon  + Finance  | 
224 Logistics Park

By Recapitalizing Debt, JV Leverages Completed Work

A $80.5 million loan was recently arranged for the refinancing of 224 Logistics Park, an industrial facility in Milwaukie, OR. Located at 6433 SE Lake Rd., the 1 million-square-foot property is currently leased to three tenants: Bob’s Red Mill, Heritage Specialty Foods and C&S Wholesale Grocer.

Nick Santangelo of CBRE arranged the loan through H.I.G. Capital on behalf of the owner of the property, a joint venture between Specht Development Inc. and a global institutional investor. The joint venture originally purchased the property in 2018 and began repositioning the asset for a multi-tenant use with warehouse, distribution and manufacturing space, freezer and cooler space, and excess trailer storage. “This was a complex assignment with a number of moving pieces,” said Santangelo. “By recapitalizing the debt, we were able to leverage the completed work while reducing the interest rate and providing additional capital for the partnership.”


Inside The Story

Nick Santangelo

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Financing