Walker & Dunlop Arranges $16M Loan for Flex Asset
- Jul 20, 2020
Walker & Dunlop has secured a $16.2 million refinancing package for Exchange South, a 194,400-square-foot industrial/flex property in Jacksonville, Fla. Director Jacob Cohen facilitated the loan on behalf of the borrower, Savlan Capital. Alliant Credit Union provided a five-year, non-recourse loan with a 30-year amortization schedule. Note terms include a built-in tenant improvement and leasing commission reserve.
The new origination will replace the existing debt, a $15.4 million acquisition loan which The Bancorp Bank provided in 2018, according to Yardi Matrix data. The borrower purchased the asset for $18.3 million from HighBrook Investors. Following the acquisition, the new owner carried out significant renovations at Exchange South, which increased occupancy levels.
Located on an 18-acre site at 9143 Philips Highway, the property encompasses five single-story buildings completed in 1990 and 1996. The facility has 18-foot ceiling heights, 35 grade-level and 16 dock-high doors. At the time of closing, the park was 90 percent leased to 36 tenants, including Ovation Credit Systems, Schindler Elevators and Orion Energy Systems, among others. The property is 2 miles from Interstate 95 and some 12 miles southeast of downtown Jacksonville.