**Keystone Mortgage Refinances $69.5M Southern California Industrial Portfolio**
Keystone Mortgage Corporation has successfully arranged $69.5 million in fixed-rate permanent loans to refinance a portfolio of industrial properties located across Southern California. The properties, which collectively span approximately 1.07 million square feet, are owned by a private real estate investor.
The financing was secured through one of Keystone’s life insurance company correspondent lenders, offering non-recourse loans at a highly competitive spread.
Nick Viscount, from Keystone’s Orange County production office, led the arrangement of the financing on behalf of the borrower. “The financing facilitated the refinance of the maturity balances with significant cash-out,” Viscount said. “Despite the challenge of multiple single-tenant buildings with near-term lease expirations, the winning lender was able to focus on the conservative metrics, the excellent locations and market fundamentals, and a very strong sponsor, which ultimately provided competitive terms.”
The industrial portfolio includes 15 concrete tilt-up buildings spread across a combined 52.5 acres.
