Senior director David Ross and executive director Rick Gallitto, both of Tremont Realty Capital's local office, arranged the financing which was comprised of three components--a $48.35 million senior loan bifurcated into an A and B piece and a $6.8 million mezzanine loan.

The transaction was structured with a securitizable, investment grade A-piece of the senior loan and an affiliate of Tremont Realty Capital was brought in to fund the B-piece of the senior loan, as well as the $6.8 million mezzanine loan. The loan was structured as a floater to take advantage of the current low rate environment and to allow the borrower time to optimize the tenant and lease profile.

Ross notes that the most difficult part of the deal was "finding capital providers that would spend the time to familiarize themselves with the subject portfolio's strong border industrial markets. Once capital providers educated themselves about these markets, they became believers and then the deal became a structuring game."