Ted M. Sidel, president of EagleBridge Capital arranged the financing with a regional bank. He says that financing this type of facility is "challenging" because of the "specialty-use nature of the building." He points out that the lender needed to meet the tenant, work to understand their business model and financials, and achieve a "comfort level" in order to feel confident about making the loan. "We were able achieve this and provide our client with a non-recourse, long-term, fixed-rate deal at an extremely competitive interest rate," notes Sidel.

The facility is one of the newest and most modern of its kind in the region. The majority of the building is temperature controlled to maintain the integrity of Preferred's customer's products, which is mainly frozen seafood. Approximately 70% of the building contains freezer space, while the majority of the remaining space, including loading areas is maintained at 40 degrees. Ceiling clear heights average 54 feet throughout the freezer and 28 feet throughout the loading areas.

Sidel points out that the loan, which works out to $86 per sf, is considered high for industrial type buildings.