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Meritex Lands $39M In Industrial Mortgages

MINNEAPOLIS-The refinancing for 13 industrial properties totaling 2.3 million sf limits interest rate exposure and staggers maturity dates. The local office of L.J. Melody & Co. arranges the financing from MassMutual/Babson Capital Management.

By Jim McCartney | Updated on October 15, 2004

MINNEAPOLIS-A mortgage of $38.75 million for 13 industrial properties owned by Meritex Enterprises allows the owner to limit interest rate exposure on a significant portion of its industrial portfolio, stagger maturity dates and substitute assets without prepayment penalties. The financing from MassMutual/Babson Capital Management was arranged by L.J. Melody & Co., the real estate banking arm of CB Richard Ellis.

The Meritex portfolio totals 2.3 million sf of industrial space in Columbus, OH, Indianapolis, IN, Denver, CO and Memphis, TN. The terms include two notes with staggered maturities that cross-collateralize and cross-default assets.

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