CHICAGO-An insurance company portfolio of 11 industrial properties totaling more than 3.2 million sf have been financed by Draper & Kramer’s commercial mortgage unit. The properties involved in the $70-million financing, done at 50% loan-to-value, are located in five states and are occupied by 130 tenants.

The majority of the portfolio is the 1.82-million-sf Cheli distribution center warehouse in Bell, CA. A 591,511-sf warehouse in Phoenix is the next largest property. Most of the loan–$68 million—is a 10-year, interest-only deal priced at a spread of 148 basis points above Treasury rates. The remainder is a five-year, interest-only loan at a floating rate.

The financing allows for liberal substitution, according to Draper & Kramer, whose senior vice president Bill Barry and vice president Christine Zarndt were involved in securing the loans for the unidentified insurance company.

Texas properties are a 171,065-sf warehouse at 4301 Empire Rd. in Fort Worth and a 129,600-sf Osram Sylvania warehouse in Carrollton. Two properties are in Landover, MD; a 100,337-sf warehouse at 6201 Columbia Park Rd. and a 83,608-sf warehouse at 2000 S. Club Dr. A 190,800-sf warehouse at 2375 Button Gwinnett Dr. in Atlanta and 135,014-sf flex building at Coral Tree Business Center in Carson, CA also were involved.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.