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JLL Arranges Refi for 7-Building PHX Industrial Portfolio
JLL Capital Markets arranged a $16.12 million refinancing for a seven-building light distribution and manufacturing portfolio totaling 274,429 square feet in Phoenix. The borrower was a partnership between Phoenix-based Bird Dog Industrial, HPI Real Estate Services and Investment and Long Wharf Capital.
The five-year, fixed-rate, non-recourse loan was placed with a correspondent life insurance company. Loan proceeds will be used to take out the existing credit facility.
The Phoenix light industrial portfolio is situated on 16.12 acres at 10950 W. Northview Ave. in Glendale (pictured); 235 E. Pima St. in Phoenix; and 481 N. Dean Ave, 5740 W. Oakland St. and 5753, 5763 and 5773 W. Erie Streets in Chandler.
The portfolio is 54.6% leased to three national tenants. The borrower is in the final stage of completing value-add improvements totaling approximately $1.725 million across the portfolio.
JLL’s debt placement team representing the borrower was led by Casey Wenzel, Aldon Cole, Jeremy Womack and Alastair Barnes.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
