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Welsh Acquires Two Sites with $24M Loan

INDIANAPOLIS-The Minnetonka, MN-based company has purchased two buildings, at a combined size of 1.4 million square feet, including the 741,000-square-foot Redcats distribution center.

By Robert Carr | Updated on October 03, 2011

INDIANAPOLIS-Welsh Property Trust, based in Minnetonka, MN, has gained a $24.4-million loan for two industrial buildings in the suburbs here. The company agreed in August to pay almost $48 million for the two properties in Plainfield and Greenfield, totaling about 1.4 million square feet.

Joel Torborg, a VP with CBRE, arranged the debt through Allianz Life Insurance Co. of North America. Terms on the transaction included a sub 5% fixed rate for 10 years on a non-recourse first mortgage with 30 years of amortization. The debt was also structured to include substitution of collateral provisions.

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