Ashley Capital – 4th Quarter Industrial Real Estate Financing Roundup

Michigan, Virginia | January 13, 2021

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Industrial Real Estate Financing_ Ashley Capital

Ashley Capital closed out 2020 with several new industrial real estate financing transactions across its portfolio.

Michigan Industrial Real Estate Financing – Q4 2020

In October, it closed on a $36 million dollar loan for its Liberty Park Commerce Center park in Sterling Heights, Michigan with Minnesota Life Insurance Company. The property consists of a 29,000 SF building leased to Aperam Stainless Services and Solutions and a newly constructed 570,000 SF building leased to Amazon. Securian Asset Management and Bernard Financial Group arranged the financing for Minnesota Life and Ashley Capital, respectively.

In November and December, Ashley closed on two spec construction loans in the Detroit metro area:

Fifth Third provided a $45.4 million construction loan on the third building at Tri-Commerce Center in Hazel Park, MI. The 911,000 SF warehouse distribution center will complete the park, which has an additional 1.1 million SF of fully occupied industrial space. Tenants in the park include: Amazon, LG Electronics and Dakkota Integrated Systems. Completion of Building 3 is scheduled for the summer of 2021.

The second loan was executed with KeyBank to finance the first phase of the development at Crossroads Distribution Center North in Van Buren Township, MI. The $44.75 million financing will cover the costs to build two industrial buildings totaling 921,000 SF. Construction is nearing completion and the first lease has been signed with TwinMed, one of the largest full-line medical supply distributors in the U.S.

 

Virginia Industrial Real Estate Financing – Q4 2020

Ashley’s Virginia Gateway Logistics Center, an 800,000 SF industrial facility in Richmond, VA, received $38 million in financing from Lincoln National Life Insurance Company. Ashley purchased the building in 2019 from Ace Hardware and immediately began a renovation which included: replacement of the roof, upgrades to the dock doors, installation of LED lighting and exterior and interior painting. Amazon leases the entire building on a long-term lease. Financing was arranged by CBRE Debt and Structured Finance.