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Crow Industrial Portfolio Refinanced for $36M

ST. PAUL, MN-Crow Family Holdings Industrial, L.P.'s Midway District portfolio includes 12 warehouse and distribution facilities and five office buildings totaling more than 1.6 million sf. Archon Financial arranges 7.22% fixed-rate financing.

By Jim McCartney | Updated on March 19, 2002

ST. PAUL, MN-Archon Financial, a Goldman Sachs company, recently provided $36.3 million in non-recourse, first mortgage loan at a 7.22% fixed interest rate for the refinance of 17 properties located in the Midway district. The 10-year loan has a 25-year amortization, subsequent to an initial five years of interest-only payments.

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.

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