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MINNEAPOLIS-A mortgage of $38.75 million for 13 industrial properties owned by Meritex Enterprises allows the owner to limit interest rate exposure on a significant portion of its industrial portfolio, stagger maturity dates and substitute assets without prepayment penalties. The financing from MassMutual/Babson Capital Management was arranged by L.J. Melody & Co., the real estate banking arm of CB Richard Ellis.

The Meritex portfolio totals 2.3 million sf of industrial space in Columbus, OH, Indianapolis, IN, Denver, CO and Memphis, TN. The terms include two notes with staggered maturities that cross-collateralize and cross-default assets.

Murray Kornberg, director, and Doug Seylar, managing director, of L.J. Melody’s Minneapolis office secured the funding. Meritex Enterprises, Inc. owns and operates over 9 million sf of industrial property in Atlanta, Chicago, Columbus, Denver, Indianapolis, Kansas City, Memphis, Minneapolis, and St. Paul. Babson manages over $200 billion in assets and is a member of MassMutual Financial Group, one of North America’s largest life insurance and financial services companies.

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