Atlanta, GA – February 5, 2013 – (RealEstateRama) — Cushman & Wakefield’s Atlanta office announced today that its Equity Debt & Structured Finance team arranged $78.5 million of acquisition financing for The Keith Corporation Industrial Portfolio on behalf of a joint venture between Schmier & Feurring Properties, Inc., L&J Schmier Management and Investment Company and Independencia Asset Management LLC.
The Keith Corporation Industrial Portfolio is a ten asset, Class-A industrial portfolio totaling 1.93 million square-feet partially located in the greater metropolitan area of Charlotte, NC. The assets were financed with a 10-year, cross-collateralized loan with 5 years of interest-only. The portfolio was leveraged at 72% of purchase price with the lender providing future funding for a to-be-built asset for Britax Child Safety, Inc.
“Our client was seeking acquisition financing for the ten asset industrial portfolio. One of the ten assets is a build-to-suit, which is still under construction; therefore, we acquired the financing on the existing nine assets with the ability for a future advance when the build-to-suit property is completed,” said Mike Ryan, Senior Managing Director for Cushman & Wakefield Equity Debt & Structured Finance in Atlanta. “The lender was particularly attracted to the deal because of its stabile cash flow resulting from a diverse tenant mix with long-term leases. In addition, nearly 80% of the square footage belonged to mission critical facilities.”
Mike Ryan, Brian Linnihan, Jeff Walker, and Larry Johnson represented the joint venture between Schmier & Feurring Properties, Inc., L&J Schmier Management and Investment Company and Independencia Asset Management LLC on the acquisition financing.
About Cushman & Wakefield Equity, Debt & Structured Finance: Cushman & Wakefield Equity, Debt & Structured Finance is a premier real estate investment banking organization serving the financing needs of the real estate industry for over a century. Founded in 1893, and previously known as Sonnenblick Goldman Company, the firm provides a full range of real estate related financial services, including debt and equity placement and joint venture structuring for virtually all product types, investment sales for lodging properties and senior housing/skilled nursing, mortgage loan sales, and advisory services on a global basis as part of the Cushman & Wakefield Capital Markets Group. Headquartered in New York City, Cushman & Wakefield Equity, Debt & Structured Finance has additional offices in Atlanta, Boston, Los Angeles, Chicago, Orlando, San Diego, San Francisco and Washington DC.
About Cushman & Wakefield: Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. Founded in 1917, it has 234 offices in 61 countries and more than 13,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within five primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, Consulting Services, including business and real estate consulting; and Valuation & Advisory Services, including appraisals, highest and best use analysis, dispute resolution and litigation support, along with specialized expertise in various industry sectors. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.
About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
Nick Derasmo (212.841.7505)