Seagis Property Group secures $112 million refi for 12-property industrial portfolio in South Florida
Seagis Property Group, LP, secured a $112 million refinancing for its infill industrial portfolio of 12 properties totaling 895,958 square feet in Miami and Ft. Lauderdale, Florida.
Jim Cadranell, Gregory Nalbandian, Maxx Carney and Michael Lachs of JLL arranged the seven-year fixed rate loan through a correspondent life insurance company.
“Our client created significant value by significantly increasing rents across the majority of the portfolio, enabling them to cash in significant equity within a short period of time after acquiring the properties,” Nalbandian said. “We were also able to secure a very attractive seven-year interest-only loan and lock in the interest rate well before the recent surge in treasuries.”
The portfolio is a mix of single and multi-tenant Class A and Class B properties that have been acquired over the past two years. Since the acquisition, the majority of the assets have been re-let and renewed with substantial rent increases.
- 255 NE 181st Street, Miami
- 3075 NW 10th Avenue, Doral
- 8850 NW 15th St., Doral
- 9700 NW 17th St., Doral
- 10100 NW 25th St., Doral
- 10005 NW 58th St., Doral
- 12800 NW 113th Court, Medley
- 3501 Commerce Drive, Miramar
- 1919 NW 19th St., Ft. Lauderdale
- 2765 SW 36th St., Ft. Lauderdale
- 3400-3406 SW 26th Terrace, Ft. Lauderdale
- 280 NW 12th Avenue, Pompano Beach
Photo, tb: 10005 NW 58th St., 12800 NW 113th Ct.