(South Bend, Ind.) Holladay Properties has closed on a $65.5 million loan with AIG for the refinancing of a 15-property industrial portfolio. The buildings are located in South Bend, Indianapolis and Portage, Ind., as well as Nashville, Tenn.
The portfolio includes 1.3 million square feet of space which is occupied by a mix of 36 tenants. The new 10-year loan allows Holladay to retire multiple banks loans while forming a new entity that can be used to guarantee the financing of future development projects.
“Holladay Properties and NorthPoint Capital worked closely to structure a transaction that will allow their organization to facilitate growth for the next ten years and beyond,” says originator and Director, Mark Perkowski.
Holladay worked with NorthPoint Capital Funding, Inc., a Midwest-based commercial mortgage banking group specializing in arranging loans for, and making loans to, commercial real estate owners throughout the country, to secure the loan with AIG.
"This is a long term difference maker for Holladay Properties," said John Phair, President and CEO of Holladay Properties. "It insures continued access to capital, strong property management fees and good cash flow to support many company programs. I would like to cite all those who have helped-but that would be 25 people or more. Suffice it to say, under the leadership of Jim Laskowski and Tony Fitts, the job got done, and done well, by a great team."