Prologis Mortgages Five Buildings for $105M

DENVER-Prologis said Wednesday that an affiliate of Prologis North American Industrial Fund II has closed on a $104.7 million financing secured by five of its industrial properties. The 10-year financing from “a large institutional investor” has a coupon of 6.38% and represents a loan-to-value of approximately 58%, according to Prologis.

The proceeds are being used to refinance a $62 million secured debt facility that was set to mature in January 2009 and to pay down $42 million of the Citi bridge debt facility.

Also this week, the company closed on $105.8 million financing with a syndicate of four banks–Bank of America, RBOS/ABN AMRO, Sumitomo Mitsui and Bank of China. The facility has two components, a $36.4 million term loan and $69.4 million revolver. The pricing is 110 percent of the applicable PBOC base rate and the facility will have a maturity date of November 28, 2011. Proceeds for that loan will be used to refinance the RMB tranche of the company’s global line of credit, which was scheduled for maturity in May 2009, and for general corporate purposes.