(Mark Your Calendars for RealShare New York on Oct. 12 at the Marriott Marquis.)
NEW YORK CITY-CB Richard Ellis has secured $120 million in debt refinancing for a seven state freezer portfolio on behalf of an iStar Financial affiliate. The properties in the portfolio total 1.3 million square feet, in states from New Jersey to California. They are occupied by Preferred Freezer Services.
“These facilities are state of the art and leased to a very impressive tenant in Preferred Freezer Services,” says Greg Greene, SVP of CBRE Capital Markets. “RBS took the time and effort to understand the facilities, the PFS tenancy and they understood the value of iStar’s strong sponsorship.”
Greene represented the iStar affiliate in the refinancing—the lender for the fixed-rate,10-year term was RBS Securities Inc., a subsidiary of the Royal Bank of Scotland. The properties themselves are located in Atlanta; Boston; Elizabeth, NJ; Houston; Jacksonville, FL; Los Angeles; and Norfolk, VA.
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