The collateral was part of the 24.7 million-sf portfolio thatProLogis North American Industrial Fund III acquired from a jointventure of Dermody properties and CalSTRS last year for $1.8billion. Dave Kocourek, co-head of production for Allstate REIG'scommercial mortgage division tells GlobeSt.com that Allstate REIGin 2004 funded a 10-year $80-million loan using the samecollateral.
That previous loan was assumed by the fund when it acquired thelarger portfolio, he says, and the new loan was made co-terminuswith the previous loan. The interest rate on the new loan, which hedeclined to pinpoint, was based on the interpolated six-yeartreasury.
"There is now $163 million of debt on that portfolio right now,"Kocourek says. "We feel the loan-to-value ratio is around 65%."
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