IPA Capital Markets arranged $96.7 million of financing for three industrial properties in Rockford, Illinois.
IPA Capital Markets’ Frank Montalto, managing director, and Ethan Splan, associate director in the firm’s Chicago downtown office, secured three-year, non-recourse financing with Bank OZK on behalf of Craig Erdmier, a prolific Northern Illinois–based design-build and construction management professional and general contractor.
The portfolio comprises over 650,000square feet, including two fully stabilized, mission-critical industrial buildings totaling 503,395square feet. Each was developed as a build-to-suit facility for a global pharmaceutical services provider with strong credit fundamentals and ongoing expansion needs. Both properties are located within established industrial corridors and function as critical logistics and distribution hubs supporting the tenant’s national operations.
The financing will be used to consolidate the stabilized assets and cross-collateralize the income-producing properties to support the construction of the third facility, which will total approximately 155,000 square feet.
