Mission Capital Advisors has arranged an $18 million non-recourse loan for Ashley Capital to refinance the Interchange Business Center, a 792,000-square-foot industrial property on a 55-acre site in La Vergne, Tennessee.
Mission Capital’s team of Gregg Applefield, Alex Draganiuk, Lexington Henn and Eugene Shevaldin represented the sponsor in arranging the loan.
In 2014, New York City-based Ashley Capital purchased the property from Whirlpool, which had used the property to manufacture KitchenAid appliances. After acquiring the largely vacant property, Ashley Capital made large-scale renovations, replacing the roof, incorporating additional dock doors, upgrading the building’s heating and cooling, completing the construction of office spaces and repainting the entire property.
This repositioning, coupled with the property’s access to the area’s major freeways, enabled Ashley to attract numerous new tenants and bring the Interchange Business Center to full occupancy. Current tenants include Penske Logistics, Amer Sports Company, Singer Sewing Company and Fulfillment Supply Innovation.
