LOS ANGELES—Johnson Capital recently arranged $54 million in financing for a six-buildingportfolio here.
Kevin Burkhalter, senior vice president at Johnson, arranged the financing on behalf of an unnamed privately-held entity. He said in a statement that the properties comprise a total of 882,000 sq. ft. and are leased to seven unnamed tenants. The buildings are a mix of older and newer structures, built between 1971 and 2009. The properties are located within three miles of one another and each is in a planned industrial park setting, though Burkhalter did not divulge the addresses of the properties.
“Warehouse/distribution buildings inCounty continue to be sought after by both debt and equity providers due to such factors as our dominant ports, the large population base and a mature, in-fill market with a consistently low vacancy rate,” Burkhalter said.
Funded by an unnamed major insurance company, the loan has a fixed interest rate of 3.79 percent for the fully-amortizing 20-year term, Burkhalter said. Johnson capital negotiated a flat 1% prepayment structure after the 15th year of the loan term, as well as partial release and substitution provisions. The unnamed, locally based borrower is the developer and original owner of each of the six buildings.