Grand Rapids Industrial

Transaction description

Michael Tanner and Jonny Soleimani of PSRS arranged the $2.3MM refinance of a multi-tenant industrial property in Grand Rapids, Michigan. The subject property is an eight-tenant, rail-served industrial and office facility. The 115,820 SF facility sits on 8.52 acres and features a dedicated 425’ long rail spur. The property is anchored by L&W Supply, a wholesale building supply company headquartered in Chicago, IL. L&W leases nearly half of the facility and has been a tenant for over 10 years. Funded by one of our correspondent life insurance companies, PSRS was able to secure for its borrower a non-recourse loan with a 10-year term and 30-year amortization. Changes to the borrowing entity based on unforeseen circumstances as well as a large portion of the building being in lease-up during submission were two obstacles that PSRS was able to successfully navigate.