Berkadia today announced the financing secured for Airport 40, an industrial warehouse in Phoenix.
Senior Managing Director Scott Holland of Berkadia Phoenix secured $37.5 million in permanent refinancing on behalf of the borrower, a Globe Corporation entity. The deal closed on April 23.
The long-term permanent loan was provided by Sentinel Asset Management, a National Life Group company. The financing package was completed after Globe Corporation bought out its joint venture partner, Conor Commercial.
“Our long-term development partners at Conor Commercial and leasing team at Cushman Wakefield could not have executed better on this complicated land assemblage and spec vertical development,” said George Getz, President and Co-CEO at Globe Corporation.
“This was a great permanent loan solution allowing the sponsor to secure low fixed-rate financing on a long-term single tenant industrial real estate investment,” said Holland. “Industrial loans are highly coveted by our life insurance company lenders and it was great to marry that lending desire with the client’s financing needs.”
Located just south of Sky Harbor Airport, the asset benefits greatly from its immediate access to Interstate 10 and its connectivity to the freeway systems servicing the greater Phoenix Metro area. Also located in a Qualified Opportunity Zone, Globe was able to utilize the benefits available with that program and plans to hold the asset on a long-term basis.