ATLANTA—Exter Property Group of Plymouth Meeting, PA has secured $48 million in financing for a recently acquired portfolio of six industrial properties totaling 2.2 million square feet in Atlanta and Jacksonville, FL.
The financing was arranged by Cushman & Wakefield's Equity, Debt & Structured Finance Group. Five of the Exter properties are located in metro Atlanta and one is in the Westside suburb of Jacksonville.
Massachusetts Mutual Life Insurance Company via Cornerstone Real Estate Advisors provided the low-leverage, interest-only loan. Cushman officials report the properties are 100% leased to six tenants including Iron Mountain, Georgia-Pacific Corp., TOTO Americas, LTI Flexible Products, Aaron's and Miller Zell. Exeter acquired the properties in 2013.
Mike Ryan, Brian Linnihan, Jeff Walker and Larry Johnson of Cushman & Wakefield's Atlanta office arranged the financing on behalf of Exeter Property Group.
“This was an excellent opportunity for Exeter to strengthen their returns on these fully leased industrial properties at a historically low, attractive interest rate,” states Ryan. “Cushman & Wakefield was also able to achieve the company's goal of pre-payment flexibility with a capital provider willing to match the loan term to Exeter's current fund maturity.”
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