CBRE Capital Markets’ Debt & Structured Finance team have arranged $9 million in debt and equity for the acquisition of Park Industrial Village, a seven-building, 232,674-square-foot industrial park located in Plymouth, Minnesota. The building was 93 percent leased at the time of closing.
CBRE’s Joel Torborg and Mark Roos worked on behalf of the buyer, MSP Plymouth Park Industrial, LLC, an affiliate of Biynah Industrial Partners. Biynah engaged CBRE to find an equity partner that matched their investment plan for the property and to find non-recourse, fixed-rate, bridge debt that allowed them to acquire the property and supply funds for future capital improvements to the property, without burdening the deal with excess structure.
The firm arranged a 5-year loan with a regional bank that featured a sub 4 percent fixed rate loan with two years interest-only and flexible prepayment throughout the loan term. The debt and equity comprised approximately 90 percent of the capital stack, allowing the borrower to acquire the property and make value-add improvements including roof replacements and various other exterior upgrades.