Crown West Closes $55M Refinance of Spokane Industrial Park

SPOKANE, WA-Crown West Realty LLC has closed on a $55-million refinancing of Spokane Industrial Park, the largest contiguous business park in a multi-state region.

The long-term loan, from JP Morgan Fleming Asset Management’s Real Estate Debt Group, pays off the seller financing Crown West Realty utilized when it acquired the 4.2-million-sf park seven years ago from publicly-traded Avista, previously known as Washington Water Power.

Crown West President Richard Rollnick tells GlobeSt.com the loan was low compared to the value of the park and carries a rate that is below 6%. Rollnick says the refinance allowed “a return of capital to investors,” but did not specify the amount. The loan was sourced by David Stinebaugh and Greg Wellington of L.J. Melody’s Seattle office and Rocco Mandala from the firm’s Phoenix office.