Dave Dismondy with Detroit-based District Capital closed a $45 million loan on a 450,000-square-foot industrial warehouse in the Midwest.
The asset is leased to a non-credit-rated single tenant. The correspondent life insurance company loan is non-recourse, has no property performance covenants and is assumable.
The rate was locked at application for 90 days at no additional cost to the borrower. During that time, Treasuries ran up 88 basis points.
