The logistics facility will undergo over $80 million in equipment manufacturing improvements that will be completed in early 2025
News release
28 January 2024
JLLS secures $112M CTL and equipment manufacturing improvements financing for Salt Lake City industrial property
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ATLANTA, Jan. 29, 2024 – Jones Lang LaSalle Securities, LLC (JLLS) announced today that it has structured and placed a $112 million credit tenant lease and equipment financing for a newly completed industrial facility located at 6320 West 300 South in Salt Lake City, Utah.
JLLS, a member of JLL Capital Markets, served as the placement agent for the developer, Riverbend Management, Inc. The lease financing and tenant improvements loan was structured to mature co-terminus with the initial lease term and provide the borrower a single-source of financing at a competitive long-term fixed-rate.
The loan allowed the borrower to successfully refinance an existing construction loan in addition to funding over $80 million of equipment manufacturing improvements. Following tenant improvements, the 309,489-square-foot industrial property will be converted to a manufacturing facility.
Aside from JLLS, multiple JLL business lines collaborated on the execution, including JLL Work Dynamics representing the tenant on the selection of a manufacturing site and JLL Project and Development Services (PDS) serving as construction monitor.
The JLLS team representing the borrower was led by Senior Managing Directors Bill Cavagnaro and Austin Johnson.
The JLLS Structured Finance group, based in Atlanta, specializes in CTL, ground lease financing and other structured debt solutions for all property types. Given we remain in a challenging market, the Structured Finance group provides a bottom-up approach, evaluating a multitude of structured finance vehicles to devise the optimal capital solution for both borrowers and their tenant relationships.
JLLS is a member of FINRA/SIPC.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.