BWE, a company based in Cleveland, has successfully obtained $139,070,000 in first mortgage financing for a portfolio of 31 manufacturing properties. These properties span over 4.5 million square feet and are located across the United States and Canada.
The financing was secured by Kevin Hicks, senior vice president at BWE’s Philadelphia office, and Michelle Pericci, assistant vice president. They were able to secure a 10-year CMBS loan with full-term interest-only payments on behalf of JB Poindexter and Co., a nationwide manufacturing company.
The portfolio consists of light manufacturing facilities strategically positioned for efficient distribution. The properties are spread out among 20 states in the U.S., as well as one property located in Quebec province in Canada. All 31 properties are fully occupied by tenants affiliated with the owner and used for truck body fabrication and assembly services as well as vehicle storage.
According to Hicks: “Securing favorable financing terms for such an extensive portfolio can be challenging due to limited interest from lenders who may view manufacturing assets as suboptimal.” However,BWE was able to overcome these challenges through their expertise and experience.
This successful funding is another testament to BWE’s capabilities when it comes securing financing solutions that meet their clients’ needs effectively.
