SAN FRANCISCO—One loan required flexibility and the other needed to lock in an attractive rate during a period of tremendous volatility in the capital market. In the end, lenders delivered highly structured facilities for a combination portfolio spanning several states. The two 3 million-square-foot industrial portfolios were refinanced for a combined total of $268 million.

Industrial Portfolio I, the first loan, was a $141 million refinancing of an 18-property industrial portfolio, structured as a seven-year interest-only loan. The portfolio included 3.312 million square feet of assets located in Texas, Pennsylvania, Florida, Illinois, Colorado, California, New Jersey, Oregon and Nevada. Dennis Williams, senior vice president/managing director of NorthMarq Capital's San Francisco office, finalized refinancing for an institutional borrower through a correspondent relationship with a life insurance company. Major tenants include Ashley Furniture, Anixter and US Foods.

Industrial Portfolio II, the second loan, was a $127 million refinance of a 12-property industrial portfolio, structured with a five-year interest-only term. The portfolio was comprised of 3.315 million square feet with properties located in Georgia, Illinois, New Jersey, Indiana, California, Tennessee, Arizona, Oregon and Texas. NorthMarq's Williams arranged the financing for an institutional borrower through its correspondent relationship with a life insurance company. Major tenants include Amazon, LG Electronics and FedEx.