Cushman & Wakefield announced today that its Equity, Debt & Structured Finance Group based in Atlanta has arranged a $25.1-million bridge loan on behalf of PDC Memphis Oaks 3 Holdings, LLC, a project managed by Panattoni Development Company, that will be used to refinance the existing loan on Memphis Oaks 3, a 1,025,000-square-foot, Class A distribution facility.
Mike Ryan, Brian Linnihan, Jeff Walker and Larry Johnson of Cushman & Wakefield’s Atlanta office and Kemp Conrad and Patrick Walton of Commercial Real Estate Advisors in Memphis arranged the financing on behalf of affiliates of Panattoni Development Company, a leading developer and owner of industrial, office and retail properties based in Newport Beach, Calif. Pacific Coast Capital Partners LLC provided the short-term bridge loan.
Located at 3860 East Holmes Road about 15 miles south of downtown Memphis, the property is 82 percent leased.
“This is an institutional-quality asset that benefits from the financial strength of sponsor, the rapid tightening of the Memphis industrial market and the strong, in-place cash flow of the property. This loan will provide Panattoni with funds needed to lease the remaining vacant space as well as to re-lease maturing leases,” said Mike Ryan.
Brian Linnihan added, “Memphis Oaks 3 provides an ideal combination of steady cash flow and excellent value-add potential.”
Memphis Oaks 3 is located only five miles from Memphis International Airport and provides convenient access to Interstates 55 and 240 and U.S. Highway 78.
Steve Webb – The Gove Network
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