Industrial Property Obtains $4.5M in Refinancing

RIVIERA BEACH, FL-Cohen Financial’s Capital Markets Unit has secured $4.5 million in debt placement for a 145,800-sf, two-building, class A flex distribution property here in southeast Florida.

The refinance debt placement was for a private investor. The lender was a correspondent life company.

The buildings are located at 3874 and 3875 Fiscal Court. The 3874 building totals 85,800 sf and was built in 1987. The 3875 building, built in 1985, has 60,000 sf. Tenants at the buildings include Nordstrom Inc., Florida Bolt, ASI Building Products, Puritan, Tropical Textiles, Med Gen Inc., Jeffery Sachs Design and G&K Uniforms.

Terms of the 10-year, non-recourse loan include a 20-year amortization schedule, a 75% loan-to-value ratio and pricing based on the 10-year Treasury rate. The loan was redone because it was up for maturity. Les Goldberg of Cohen Financial, a large, national originator of commercial real estate loans, originated the transaction.