Stirling Capital Investments Secures $70M Refi Loan
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VICTORVILLE, CA-Stirling Capital Investments, a JV between Stirling, a Foothill Ranch, CA-based strategic, full-service, value-added development company and Denver-based DCT Industrial Trust Inc., has secured a $70-million mortgage refinance on its property portfolio at the Southern California Logistics Centre here. Bank of America provided the loan.
According to Stirling Capital Investments, the loan will pay off maturing debt and facilitate expansion plans for the property’s revenue portfolio of over two million square feet. Johnson Capital arranged for the long-term loan, which covers six industrial facilities.
The 2,500-acre SCLC industrial and commercial complex is part of Global Access Victorville, which encompasses the Southern California Logistics Airport. Bank of America’s loan covers the existing debt, as well as funding of the current 176,800-square-foot expansion underway on Distribution Centre 3, one of six facilities within the SCLC portfolio.
According to a prepared statement, the expansion will accommodate the increased nationwide distribution needs of Newell Rubbermaid and bring the current 407,612-square-foot facility to 584,412 square feet. It is slated for a December completion.
Evelyn Flanary, VP of finance of Stirling Capital Investments, assisted senior vice president Amos Smith of Johnson Capital in the arrangement of the loan transaction. According to Smith, this valuation and refinance is a “testament to the high quality product and incredible tenant roster” at the project. He further notes that it “confirms a positive long-term view of investment in California’s high desert region.”
To date, Stirling Capital Investments has developed more than three million square feet of class A industrial space at SCLC with occupancy exceeding 98%, according to the statement.
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