The Dallas-based financial group and Cohen Financial of Deerfield, IL have closed the loan in 60 days on behalf of a Pennsylvania SPE limited partnership, GlobeSt.com has been told. The refinancing is for a more than one million sf, single-story distribution facility that has Ames Industrial as its sole tenant. The 10-year loan carries a fixed interest rate of 7.34% and is secured by Ames' long-term lease.
Benjamin Glatzer, Archon Financial's marketing director, tells GlobeSt.com that the building had been completed last year and is situated on about 90 acres.
Archon's loan officer James Abbee says the transaction has been complex "due to the tenant's expansion option," but incorporates key components for a successful deal, including state-of-the-art design. Ben Greazel and Joel Simmons, both of Cohen Financial, have represented the building owner in the non-recourse loan.
The three-year-old Archon Financial is a wholly owned subsidiary of Goldman Sachs. And, says Glatzer, the Dallas company is on target for a banner year in the lending arena.
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