Grandbridge Arranges Refi for 496 KSF Columbus Industrial
- Nov 23, 2017
Grandbridge Real Estate Capital recently closed a $7 million first mortgage loan for 6606 Tussing Road, a 496,460-square-foot industrial R&D/flex facility on roughly 30 acres in Columbus, Ohio.
Funding for the permanent loan was arranged through one of Grandbridge’s banking relationships and featured a 10-year term and 15-year amortization, closing with a fixed interest rate of 4.25 percent for five years. The Branch Banking and Trust Co. originated the loan.
Grandbridge Columbus Senior Vice President Ted Schmidt originated the cash out transaction for a repeat client. Most recently, Grandbridge also arranged a $65 million first mortgage loan for the St. Julien Hotel and Spa, a 201-key hotel in Boulder, Colo.
The Columbus industrial market is hot and shows no signs of cooling down, according to the latest Cushman & Wakefield report. In the third quarter of this year, the overall vacancy rate dropped to 5.1 percent, one of the lowest ever reported. However, vacancy rates will most likely increase as speculative projects are delivered.
Image courtesy of Grandbridge