HFF-Arranged CRE Loan To Be Securitized

The Portland, Ore., office of Holliday Fenoglio Fowler LP (HFF) has arranged $114 million in financing for six industrial distribution facilities totaling 4.7 million square feet. The properties are located in Georgia, Illinois, Ohio, Pennsylvania and Texas.

HFF Senior Managing Director Lloyd Minten worked on behalf of Cardinal Industrial Real Estate Services to secure the loan, which will be included in an upcoming commercial mortgage-backed securitization and will be serviced by HFF. Loan proceeds were used to acquire the portfolio from Dividend Capital Trust, which acquired the assets as part of the iStar portfolio sale closed by HFF Securities and financed by HFF.

Completed in the mid to late 1990s, the portfolio consists of ‘strategically located’ bulk distribution centers, HFF says. The financing closed in 31 days, according to Minten.

‘The lender's planned securitization of this loan underscores the improvements in the capital markets through the re-emergence of the [commercial mortgage-backed securities] market,’ Minten adds.

With the acquisition, Cardinal Industrial increased its portfolio of single-tenant industrial assets located throughout the U.S. to approximately 13.4 million square feet.



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