REDLANDS, CA-Higgins Development Partners of Chicago has landed a $60 million construction loan for a one-million-sf industrial project called Centergate Distribution Park in a deal arranged by Buchanan Street Partners of Newport Beach. The development will comprise two buildings on a 44-acre site near the 215and 210 freeways, adjacent to recently completed buildings for Mattel, Stater Bros., Pep Boys, Kohl's and Medline Industries.
The loan involved "a complex financing structure" according to Steve Moen of Buchanan Street, who says that the "strong sponsorship from Higgins and the right market conditions" were major factors driving the deal. Moen cites the continued demand for industrial space in the Inland Empire, one of the few places in Southern California where land for such large projects is both plentiful and affordable.
Buchanan Street Partners is also the agent for sales of the Centergate buildings through the Buchanan investment sales division, with G. Ryan Smith and Timothy Brosnan as the agents. The 100% of cost construction loan for Centergate was priced at "an attractive spread over Libor," according to Moen.
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