LOS ANGELES – Enterprise Community Investment Inc.'s commercial mortgage banking subsidiary, Bellwether Enterprise Real Estate Capital LLC has closed a $97.7 million loan deal for five warehouse and distribution buildings.

Of the assets, four of the properties are located in Los Angeles County's South Bay submarket, and the fifth property is located in the Inland Empire West submarket.

Ranging in size from 60,000 square feet to more than 500,000 square feet, with clear heights ranging from a minimum of 18 to 36 feet, each of the warehouse and distribution buildings are of concrete tilt-up construction. With minimal office build-out, the properties' total leasable area comprises nearly 950,000 square feet. One of the buildings features refrigerator space.

The interest rate of the 25-year, fully amortizing loan was locked at application. The loan includes prepay flexibility, secondary financing, partial release and substitution of collateral.

Bellwether Enterprise EVP, Shelley Magoffin and SVP, Max Sauerman arranged the loan with correspondent life insurance company, Thrivent Financial.

"Nearly all the parties involved were working from home throughout the transaction, which closed less than 60 days from rate lock. It is great to see what can be accomplished when so many people work towards a common goal," said Sauerman.

Instant Insights /

Bellwether Enterprise Closes Nearly $98M Deal for Industrial Assets

Related Stories

Recommended For You