December 04, 2020
Aries Capital is pleased to announce that Brandon Perdeck, Vice President in the firm’s Miami office, has closed an $8,900,000 permanent loan for the acquisition of a 71,850 square foot industrial property on behalf of borrower and purchaser, Amrapur Overseas, Inc. The property is located at 2440 S. Milliken Avenue in Ontario, within California’s “Inland Empire” industrial corridor outside of Los Angeles.
Aries Capital arranged the 10-year, fixed rate, non-recourse loan with a global asset management lender at a loan-to-value ratio of 55% and with an amortization rate of 25 years. The deal was closed from start to finish within 20 days to meet the terms of the borrower’s 1031 exchange.
“We are happy to have helped the borrower purchase this Class A industrial property within an expedited time frame,” said Perdeck. “It demonstrates Aries Capital’s ability to execute within a challenging economy, as well as the strength of the industrial market and lenders’ continuing affinity for this asset type.”
The newly constructed industrial property is located close to Interstates 60, 15 and 10 in California’s “Inland Empire.” Due to increased ecommerce activity, industrial is faring better than most asset classes during the pandemic crisis and the “Inland Empire” is particularly well-situated with its modern supply, multi-modal options, proximity to the ports and access to Southern California’s consumer population. The area continues to experience record-breaking leasing levels and healthy rent growth, with new supply being quickly absorbed.
The property features 4,500 square feet of office space, 32-foot clear ceiling heights and nine drive-in doors. The borrower will occupy the entire space for its overall business and expansion into new areas of operation.