The Boston office of Horsham, Pa.-based GE Capital Real Estate has closed a $56 million loan for Boston-based Equity Industrial Partners' acquisition of six warehouse/distribution centers from Paramus, N.J.-based Toys `R' Us. The 2.6 million sq. ft. portfolio consists of properties located in Joliet, Ill.; Orlando, Fla.; Yougstown and Fairfield, Ohio; and Carrollton and Houston, Texas.
The financing was 80% leveraged and consisted of a $49.6 million bridge loan and a $6 million tax-exempt credit. Newton, Mass.-based Ashworth Mortgage Corp. arranged financing for the transaction.