TIC Industrial Properties Successfully Refinanced
National Asset Services Directs Successful Refinancing Process for Investors in Three TIC Industrial Properties
Des Moines, IA— National Asset Services, (NAS) one of the Nation’s leading commercial real estate management companies, has successfully lead tenant-in-common (TIC) owners of a three industrial properties, through an innovative consolidation of ownership, enabling the company to successfully secure a $17,500,000 loan on behalf of their clients.
The ownership consolidation strategy involved the reorganization of a TIC co-ownership group into a limited liability corporation, allowing investors to retain their interests in the three industrial properties as part of the newly formed entity. The consolidation also enabled the group to meet an impending loan maturity with new financing at a lower interest rate than the original loan.
NAS executives, in hand with TIC counsel, negotiated with the property’s original noteholder, in order to obtain a period of forbearance on the maturing loan while directing the consolidation process necessary to qualify for financing as well as identify new capital sources for refinancing the industrial properties. After formation of the newly created entity, the NAS team was then able to present options with the most favorable financing terms.
“This is the 36th time in just the past few years that NAS has delivered a positive outcome for tenant-in-common co-owners facing difficult decisions with limited options,” commented Karen E. Kennedy, President and Founder of National Asset Services. “Our team now will focus our expertise and professional tenacity on continued property value enhancement.”
The three industrial properties are a combined 741,169 square feet of warehouse space and are located at 1675 NE 51stAvenue, 3811 Dixon Street and 3901 Dixon Street in Des Moines, IA. The properties are 100% leased to Jacobson Companies, an integrated supply chain solutions company based in Des Moines, IA.
Macquarie US Trading, New York, NY provided the capital for refinancing the three industrial properties. Keystone Mortgage, Los Angeles, CA served as the mortgage broker for the transaction. NAS will continue as the asset manager and property manager for the three locations.