BWE has secured $48 million to refinance a 978,000-square-foot 3M industrial and logistics facility in DeKalb, Illinois, part of the Chicago metropolitan area.
Mike Guterman, senior vice president in BWE’s Los Angeles office, originated the $48,000,000 long-term, fixed-rate loan with 55% LTV on behalf of Griffin Capital, a Southern California-based real estate investment and management company, from Aegon, a correspondent life insurance company lender.
“While on its face this was a straightforward, single-tenant refinance of a recent acquisition, there were certain complexities in this deal that required the expert touch of our partners at BWE,” said Kevin Shields, founder, chairman, and co-CEO of Griffin Capital.
The property, a logistics and warehouse facility located at 1650 Macom Drive, is one of several properties fully leased to 3M in the DeKalb market, totaling around 2.5 million square feet. The building features over 978,000 square feet of floor space, including specialized chemical storage and aerosol rooms, cold storage facilities, and containment floors.
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