Decatur Industrial

Transaction description

Grady Seldin and George Gianoukakis of PSRS arranged $4.1 million in acquisition financing for an industrial property in Decatur, Illinois. The 76,800-square-foot building, formerly a multi-tenant flex facility, had been repositioned into a fully leased, single-tenant clear-span warehouse. The property sits on seven acres and includes ample parking and lay-down space at the front and rear, supporting efficient circulation and operational flow for the tenant.

The loan was arranged on behalf of a West Coast–based investor as the upleg in a 1031 exchange. PSRS successfully coordinated with the 1031 accommodator, lender, and seller to align timing and funding for an on-time closing. While the lease had been executed, full rent commencement occurred weeks before funding. Leveraging its relationship with PSRS, the life insurance company lender underwrote to full rent with the understanding that it would be in place before closing.