The lien is secured by 12 warehouse or distribution facilities and five office buildings,totaling 1.6 million sf of net rentable area that has averaged a 97% occupancy rate.
The Midway submarket – it derives its name in that it is halfway between the "twin" cities of Minneapolis and St. Paul -- has long been attractive to local supplier warehousing, manufacturing and distributing. Midway businesses are also close to major inner-ring interstates, such as Interstate 94, an east-west artery that connects the Downtowns of Minneapolis and St. Paul, Interstate 35, a north-south artery.
The transaction was arranged by Holliday Fenoglio Fowler, L.P., a large commercial real estate intermediary, which did more than $12.2 billion in business volume last year. Since 1997, the firm's debt, structured finance and investment sales transactions have totaled more than $50 billion.
John Rose of Holliday Fenoglio Fowler arranged the transactions on behalf of a portfolio managed by Crow Family Holdings Industrial, L.P.
"Due to this transaction's scope, of paramount concern to the borrower was spread, deliverability and surety of execution on a timely basis," says Archon Financial vice president and regional manager Paul Jankovsky Jr.
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