DETROIT (May 4, 2020) – Berkadia announces it has secured two loans totaling $9.35 million loan for the recapitalization of a 190,538-square foot, 8-property industrial portfolio located outside of Detroit, Michigan. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office arranged the loan on behalf of sponsor Mancini Enterprises LLC.
The two loans were life company executions, with 10- and 15-year terms respectively.
“Industrial continues to be the darling of the real estate investment market,” said Foschini. “Notwithstanding the significant issues affecting the economy at this time, we were able to source two life companies to achieve the portfolio goals of a family office, which took advantage of the market’s rates and terms to safeguard these investments for the long term.”
The properties in the portfolio are all located within one mile of each other, and 100 percent leased. They are:
- 42605 Van Dyke Avenue – Tenant: Ultimate Hydroforming (73,505 square feet, built in 2016)
- 7900 19 Mile Road – Tenant: Rucker and Sill Tile (29,250 square feet, built in 1998)
- 7800 19 Mile Road – Tenant: Lifestyles Ceramic Tile (19,869 square feet, built in 1998)
- 6405 19 Mile Road – Tenant: Club Legacy LLC (16,190 square feet, built in 1985)
- 6410 19 Mile Road – Tenant: Duval Industries LLC (11,664 square feet, built in 1984)
- 6425 19 Mile Road – Tenant: Rowerdink Inc (16,183 square feet, built in 1985)
- 6430 19 Mile Road – Tenant: Fraza Forklifts (13,727 square feet, built in 1985)
- 42866 Merrill Road – Tenants: Vitan Equipment (Front) and Fraza Forklifts (Back) (9,880 square feet total, built in 1975)