Ashley Capital closed out 2021 with several new financings across its industrial portfolio.
Michigan Industrial Real Estate Financing – Q4 2021
1) In October, it closed on a $60 million dollar loan for its newly constructed Building 3 at Tri-County Commerce Center in Hazel Park, Michigan. Transamerica Life Insurance Company provided the financing for the 911,000 square foot industrial facility. The building is 100% leased to General Motors and Mayville Engineering and the entire two million square foot Tri-County Commerce Center park is now fully occupied. Signature & Associates handled the leasing and Aegon USA Realty Advisors and Bernard Financial Group arranged the financing.
2) The recently developed Crossroads Distribution Center North 4 & 5, two buildings totalling 921,000 square feet in Belleville, Michigan, secured $71 million in permanent financing with Northwestern Mutual Life Insurance Company. The loan closed in November just as the buildings achieved 100% occupancy. CBRE handled the leasing to tenants including: FedEx, TwinMed, Chadwell Supply Michigan, TREMEC, The New Haven Companies and Associated Couriers.
Prior to year-end, Ashley also closed on one more permanent loan and one spec construction loan in the Detroit metro area.
3) Voya Investment Management provided $57 million in long-term financing on the Romulus Business Center in Romulus, Michigan The 1,800,000 SF three-building industrial park is 100% occupied and some of the larger tenants include: Medline, Owens & Minor, Hawthorne Hydroponics, Hodges Bonded Warehouse and Pratt Container. Bernard Financial arranged the financing.
4) Ashley’s Livonia West Commerce Center 2 closed on construction financing with Fifth Third Bank in mid-December. The $29 million dollar loan will help fund the development of a 350,000 SF industrial building and 12-acre trailer staging lot located in Livonia, Michigan. Leasing is being handled by Cushman & Wakefield.