ING Lends $42Mln for 4 Industrial Properties
Wednesday, 02 February 2011
ING USA Annuity Life and Insurance Co. has provided $42 million of financing for four industrial properties that were recently purchased for $91.8 million by Industrial Income Trust.
The loan matures in 2040, but is expected to be repaid in 2020. It carries a rate of 4.81 percent and amortizes over a 30-year schedule.
The four properties that serve as collateral are:
– an 842,000-square-foot building in Hagerstown, Md., that is fully leased through 2016 to Home Depot, for which the REIT paid $41.2 million;
– two buildings with 575,000 sf in the Pinnacle Industrial Center in Dallas that are fully leased to three tenants: Tree of Life Inc., Stanpac USA and Berlin Packaging. Purchase price: $25.7 million;
– a 147,000-sf property in the Madison Business Center in Tampa, Fla., that serves as a distribution center for American Tire Distributors Inc. Purchase price: $10.7 million, and
– two buildings with 232,000 sf in the Suwanee Pointe area of Atlanta that are 96 percent leased to 10 tenants. Purchase price: $14.2 million.
Industrial Income is a non-traded REIT that was launched in 2009 by Dividend Capital Group of Denver. It is aiming to raise up to $2 billion. So far, it has raised $176.9 million.
Comments? E-mail Orest Mandzy, or call him at (215) 504-2860, Ext. 211.
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