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September 2021

Ashley Capital’s First Half 2021 Industrial Real Estate Financing Roundup

Georgia Warehouse Property - Industrial Real Estate Financing - Georgia North Distribution Center - Ashley Capital

As it heads into the fall, Ashley looks back on the industrial real estate financing projects closed in the first eight months of 2021.

1) Mastronardi Produce Distribution Center – Livonia, MI

In February, Ashley closed on a $23.5 million dollar loan for its Mastronardi Produce Distribution Center in Livonia, Michigan with Transamerica Life Insurance Company. The proceeds from the loan repaid a prior financing on the existing 383,000 square foot refrigerator/cooler warehouse and provided funds for a 67,000 square foot warehouse expansion and a 26,000 square foot office expansion. Mastronardi, a pioneer and leader in the gourmet greenhouse industry and a tenant in the building since 2013, signed a new 19-year lease. Aegon USA Realty Advisors and Bernard Financial Group arranged the financing for Transamerica and Ashley Capital, respectively.

2) Trademark Commons – Canton, MI

In March, Ashley closed a new loan with TCF Bank on Trademark Commons, a 25,000 square foot office building in Canton, Michigan that houses Ashley’s Detroit office. The loan, at approximately $1.0 million dollars, matures in 7 years. In addition to Ashley, Trademark’s tenants include Michigan Paving and Materials and Genea, a cloud-based security management software company.

3) Crossroads Distribution Center – Belleville, MI

With the continued leasing at Crossroads Distribution Center North 4 & 5 in Belleville, Michigan, Ashley obtained an increase in its construction financing with KeyBank in July. The loan, now at just under $54.0 million, has been used to build over 920,000 square feet across the two buildings. Upon delivery, the property is 85% leased to tenants who include: FedEx Ground, Associated Couriers, TwinMed and The New Haven Companies.

4) Conyers Logistics Center – Conyers, GA

Conyers Logistics Center, a recently completed 450,000 square foot building in Conyers, Georgia that is fully leased to The TJX Companies (TJX), secured a $28.0 million loan with Principal Life Insurance Company. CBRE arranged the financing, which closed in July. The loan, which matures in 2036, refinanced a construction loan held by US Bank. TJX is using the cross-dock facility for its TJ Maxx, Marshalls and Home Goods divisions and the building will serve as their main distribution center in the Atlanta MSA.

5) Georgia North Logistics Center – Adairsville, GA

In August, Ashley closed financings with CIBC USA on Georgia North Logistics Center Buildings 2 and 4 (GNLC 2 and GNLC 4). CIBC, who held the construction loan on GNLC 2, converted the loan to a term loan while increasing its commitment to $35.5 million. The 770,000 square foot building is 96% leased to LX Hausys America and Ball Metal Beverage Container. CIBC is providing a $24.0 million construction loan on GNLC 4, a 500,000 square foot on which Ashley has begun development. Completion of GNLC 4, which will feature 36’ clear height, 88 dock doors and over 300 car/trailer spaces, is anticipated during the first quarter 2022.