Griffin Capital REIT Closes on $105.6 Million Refi of Eight Assets

EL SEGUNDO, CA—Griffin Capital Corporation, says its Griffin Capital Essential Asset REIT, Inc., has closed a portfolio financing of eight assets with a subsidiary of Guggenheim Partners, LLC, in the principal amount of $105.6 million. The financing proceeds were used to pay down a portion of the REIT’s $175 million revolving credit facility.

This 10-year first mortgage loan has an interest rate of 3.94%, and the loan represents a 57% loan-to-value ratio. The collateral pool includes a diversified portfolio of single tenant business essential properties totaling over 1.5 million square feet including three industrial assets and five office assets. The properties’ tenants include such household names as Comcast Cable Holdings, GE Aviation, Westinghouse Electric and others, and the weighted-average remaining lease term exceeds nine years. Key Bank Real Estate Capital represented the borrower on this financing.