HFF Secures Hefty Midwestern Industrial Portfolio

A 1.7 million-square-foot industrial portfolio in the Midwest has landed $33.65 million in financing.
435 Park Court, Lino Lakes, Minn.

435 Park Court, Lino Lakes, Minn.

Working on behalf of a partnership between Alex. Brown Realty of Baltimore and Biynah Industrial Partners, HFF has managed to secure $33.65 million in financing for a three-property industrial portfolio near Minneapolis and Green Bay, Wis. The broker placed the three-year, floating-rate loan with three one-year extensions with Realty Finance Trust.

Two of the 100 percent occupied warehouse facilities are located in Wisconsin, and the third in Minnesota, they are as follows:

  • 435 Park Court in Lino Lakes, Anoka County, Minn.
  • 5929 Packer Drive in Menomonie, Dunn County, Wis.
  • 1731 Industrial Parkway in Marinette, Marinette County, Wis.

An HFF debt placement team led by Managing Director Matthew Schoenfeldt represented the borrower in the financing negotiation.

“Biynah Industrial Partners and Alex. Brown Realty manufactured a fantastic warehouse portfolio here, coordinating between multiple property sellers and the demanding corporate tenants that are in place,” stated Schoenfeldt. “With a basis more than 25 percent below replacement cost and an unlevered yield in excess of 8.5 percent, this portfolio represents value-investing at its finest.”

Image courtesy of Distribution Alternatives