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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.

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