Danielle Balbi I Commercial Observer Finance Weekly I July 10, 2015
JLL Capital Markets arranged a $60 million credit facility on behalf of Canada-based investment firm Dalfen America Corp., Commercial Observer Finance can exclusively report.
Bank of America was able to provide the credit facility at a floating rate on a three-year term with two one-year extension options, according to a person in the know.
JLL’s Randy Fleisher, managing director, led the transaction, bringing the firm’s total business with DAC in the $200 million range.
“The industrial sector is one of the strongest in the country right now, as cross-border purchases grow to record numbers,” Mr. Fleisher noted. “Warehouse and distribution facilities, in particular, are extremely desirable.”
DAC has used some of the credit line to purchase the South Texas Industrial Portfolio, which is comprised of four Class A industrial buildings in the Sharyland Business Park in McAllen, Texas.
The properties total 635, 752 square feet and are 89 percent occupied. The credit line will also be used to refinance seven of DAC’s warehouse and distribution sites.
“I can unequivocally state that [Randy] and his team at JLL, are simply best in class,” said Sean Dalfen, president and chief investment officer at DAC. “Bank of America has also been terrific to work with and we look forward to getting many more deals done with them in the near future.”