Capital Partners, Eagle Realty Group JV secure $57.27m in financing for eight-asset industrial portfolio in Minnesota
A joint venture between Capital Partners and Eagle Realty Group announced that it secured the $57.27 million in acquisition financing for an eight-building industrial portfolio totaling 941,564 square feet spread across Eagan, Brooklyn Center and Fridley, Minn.
JLL worked on behalf of the sponsors to secure the five-year, 65 percent LTV, fixed-rate loan through a JLL correspondent life insurance company.
The portfolio boasts an overall occupancy of 98.5 percent, with only 14,250 square feet of vacant space. The diverse property mix offers 16- to 30-foot clear heights and a 23-tenant multitenant roster. The Minneapolis/St. Paul industrial market comprises 351 million square feet of rentable space and boasts an overall vacancy rate of 2.6 percent.