IPA Capital Markets, a division of Marcus & Millichap, secured the refinancing of a two-building, 508,088-square-foot industrial portfolio at 5555 W. 115th St. and 11535 S. Central Ave. in Alsip, Illinois.
Frank Montalto, managing director in IPA Capital Markets’ Chicago office, along with Ethan Splan, associate, arranged the financing with a local credit union on behalf of a national investment company.
The fixed-rate, non-recourse loan features a 6.31% interest rate, a 30-year amortization, and a 65% loan-to-value ratio.
The properties are currently leased to Crown Cork & Seal Company, a subsidiary of Crown Holdings, Inc., a leading designer and manufacturer of steel and aluminum cans. The property located at 5555 W 115th Street serves as the manufacturing site, while 11535 S Central Avenue functions as the shipping and receiving site.
