The two-year, adjustable-rate loan is coming from HSBC Bank USA and participants US Bank and the Private Bank. The deal was arranged by Holliday Fenoglio Fowler senior managing director Dave Keller and associate director David Ross--both in the firm's Indianapolis office. The proceeds will be used to back the acquisition itself, as well as the property's redevelopment including plant demolition, environmental remediation and infrastructure construction.
"Duke's plans for Linden are patterned on their success in redeveloping another former GM plant in Baltimore," Keller says. "Besides their experience in Baltimore, Duke has a wealth of experience in redeveloping brownfield properties."
Demolition of the vacant GM plant has already been completed, and remediation work and infrastructure improvements are under way. Vertical construction is slated to start in 2009, and the eventual build-out calls for 1.1 million square feet of new construction in a combination of industrial and retail space.
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