(Read more on the debt and equity markets and the industrial market .)

LOS ANGELES-The owner of three Southern California warehouses totaling 934,000 sf has a $54-million loan on the properties at an unusually favorable rate for today’s lending environment, along with proceeds for future investments, thanks to a rare 27-month rate lock that was negotiated by Johnson Capital. Kevin Burkhalter, a senior vice president in Johnson Capital’s Los Angeles office who arranged the loan with a major insurance company, tells GlobeSt.com that the rate lock is one of the longest he knows of involving an insurance company lender. In addition, the negotiations to arrange the financing also established a set of conditions that provided an unusual degree of flexibility for the borrower in terms of identifying the properties to be financed.

“Most insurance companies don’t want to go more than 12 months forward on a rate lock,” Burkhalter says. Another unusual aspect of the financing, he points out, is that the loan security remained unidentified until August, when construction was nearing completion on the last of the three warehouse buildings selected for the loan.

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