**IPA Arranges $96.7M Financing for Illinois Industrial Portfolio**
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has announced the successful arrangement of $96.7 million in financing for a portfolio of three industrial properties located in Rockford, Illinois.
The financing was secured through Bank OZK by IPA Capital Markets’ Frank Montalto, Managing Director, and Ethan Splan, Associate Director, based in the firm’s Chicago downtown office. The deal was arranged on behalf of Craig Erdmier, a seasoned design-build and construction management professional and general contractor based in Northern Illinois.
“This transaction presented a rare opportunity to finance a sponsor-developed industrial portfolio backed by a strong credit tenant with zero leasing risk,” said Montalto.
The industrial portfolio consists of more than 650,000 square feet, including two fully stabilized and mission-critical industrial buildings totaling 503,395 square feet. Both properties were developed as build-to-suit facilities for a global pharmaceutical services provider.
The three-year, non-recourse financing will not only consolidate the stabilized assets but also provide cross-collateralization support for the development of a third facility. The new building is set to add approximately 155,000 square feet to the portfolio.
