Barclays Lends $66M on Time Equities’ Miami Industrial Assets Portfolio
The 10-year, fixed-rate and interest-only loan carries a 3 percent interest rate and a 65 percent loan-to-value and was used to refinance an existing first mortgage and a junior lien. The deal closed on Nov. 16, 201, according to Time Equities.
“This financing was heavily in demand by basically all the major CMBS lenders. [Lenders] love to do industrial today,” Time Equities’ Stuart Bruck, who arranged the debt, told CO. “It was very attractive because the asset’s extremely well located [in Miami].”
Referred to as the International Airport and Milam Industrial Centers, as per Time Equities’ website, the properties feature 22-foot-high ceilings and include dock-high and drive-in loading capabilities. The warehouses are located along NW 72nd Avenue, otherwise known as Milam Dairy Road, adjacent to Miami International Airport and the city’s major thruways for quick access to shipping goods and products internationally, regionally and locally.
Bruck said, “here we don’t have a major lease,” adding that the properties, which total 750,000 square feet, are 94 percent occupied by a variety of 180 tenants, each with an average bay size of 3,600 square feet. The largest tenant is housed in 19,000 square feet, but Time Equities declined to identify tenants. “We highlighted [to lenders] the fact that because there’s no major tenant, that [mitigates any significant amount] of risk,” Bruck said.
Currently, there are two warehouse buildings from the portfolio that are available for lease. One is a 4,625-square-foot property, the other 3,000 square feet, with both going for $10.50 per square foot, according to Time Equities’ website.
Brad Gordon, who holds a senior role in acquisitions and asset management at Time Equities, handles the leasing and management of the portfolio.
Barclay’s could not immediately be reached for comment.