OAKLAND, CA-Cohen Financial has secured a $21-million refinancing for a FedEx Express air/ground/transportation facility located less than a mile from the Federal Express Super Hub, one of 10 international FedEx hubs, located at the Oakland International Airport.
The FedEx Express facility can accommodate both light and heavy weight segments of the business. The facility packages, sorts, and transfers to the Oakland Super Hub's outbound flights for distribution to most markets in the Western U.S. and Canada, Anchorage and Honolulu, as well as receives packages from inbound flights for distribution to the San Francisco Bay Area.
Paul Schroeder, a managing director in Cohen Financial's San Francisco office, secured the fixed-rate, long-term, non-recourse financing. The lender is Sun Life Financial, a Cohen Financial correspondent life insurance company. The borrower is a local commercial real estate developer. The transaction closed in June 2013.
“This was a challenging assignment,” said Schroeder. “We had to address several issues when structuring this transaction, including the single-tenant occupancy, past environmental concerns associated with the site and location. However we were able to work with the lender and borrower to craft a loan structure that met our borrowers needs due to the property's major attributes: a 33-acre site with a very high land value. Also of note, our client is a repeat borrower and has a good relationship with this lender.”
Cohen Financial is a diversified, commercial real estate capital services firm offering debt and equity placement, investment brokerage, loan administration and advisory services.
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