Mission Capital Refinances Existing Debt on Fully-Occupied, Recently Upgraded Industrial Property
Mission Capital Advisors has arranged an $18-million non-recourse loan for Ashley Capital to refinance the Interchange Business Center, a 792,000-square-foot industrial property strategically located on a 55-acre site in La Vergne, Tennessee. Mission Capital’s team of Gregg Applefield, Alex Draganiuk, Lexington Henn, and Eugene Shevaldin represented the sponsor in arranging the loan.
In 2014, New York City-based Ashley Capital purchased the property from Whirlpool, which had used the property to manufacture KitchenAid appliances. After acquiring the largely vacant property, Ashley Capital made large-scale renovations, replacing the roof, incorporating additional dock doors, upgrading the building’s heating and cooling, completing the construction of office spaces and repainting the entire property.
This repositioning, coupled with the property’s convenient access to the area’s major freeways, enabled Ashley to attract numerous new tenants and bring the Interchange Business Center to full occupancy. Current tenants include Penske Logistics, Amer Sports Company, Singer Sewing Company, and Fulfillment Supply Innovation.
“Given the successful turnaround of the property and the sponsor’s track record, we received numerous competitive offers from lenders, and ultimately structured a very favorable long-term deal with fantastic terms. We were even able to negotiate the ability to upsize the loan on multiple occasions down the road, if desired,” said Alex Draganiuk.
“Upon achieving stabilization, we felt it was an opportune time to seek out long-term, non-recourse financing, particularly given the low interest rate environment,” said Lori Roth, senior managing director of finance at Ashley Capital. “Mission Capital led the process seamlessly and provided us with a menu of options. We had the opportunity to choose among quotes with different maturity dates, amortization schedules, pricing and other attractive features, including prepayment flexibility and the ability to upsize the loan in the future.”
Founded in 1984, Ashley Capital is one of the largest privately held real estate investment companies in the United States. Based in New York, the firm focuses on acquiring and repositioning office and industrial assets as well ground-up development. Their current portfolio includes over 26 million square feet of space throughout the eastern half of the US.
Mission Capital Advisors has arranged an $18 million non-recourse loan for Ashley Capital to refinance the Interchange Business Center
July 14, 2017
Mission Capital Advisors has arranged an $18 million non-recourse loan for Ashley Capital to refinance the Interchange Business Center, a 792,000-square-foot industrial property on a 55-acre site in La Vergne, Tennessee.
Mission Capital’s team of Gregg Applefield, Alex Draganiuk, Lexington Henn and Eugene Shevaldin represented the sponsor in arranging the loan.
In 2014, New York City-based Ashley Capital purchased the property from Whirlpool, which had used the property to manufacture KitchenAid appliances. After acquiring the largely vacant property, Ashley Capital made large-scale renovations, replacing the roof, incorporating additional dock doors, upgrading the building’s heating and cooling, completing the construction of office spaces and repainting the entire property.
This repositioning, coupled with the property’s access to the area’s major freeways, enabled Ashley to attract numerous new tenants and bring the Interchange Business Center to full occupancy. Current tenants include Penske Logistics, Amer Sports Company, Singer Sewing Company and Fulfillment Supply Innovation.