December 2, 2016
Calmwater Capital issued a $44 million refi bridge loan to Simborg Development for its Lake Business Center in Munster, IN. The loan will be used to refinance existing debt, recapitalize the partnership, and leave enough capital to lease up the 993,017-square-foot facility at 9100-9200 Calumet Ave. The property is nearly 83% occupied.
Simborg has owned the four-building asset since 2006. At the time, the plan was to demolish the buildings and build an upscale lifestyle center on the 54.5 acres. The retail development was put on hold due to the recession, with Simborg deciding to redevelop the buildings into a mixed-use, multi-tenant industrial and medical office complex.
More than 50% of the property’s revenue is from tenants with a seven-year average remaining on their leases, according to Calmwater’s Ryan Malatesta. “We really like the credit and ownership’s ability to attract quality tenants to the property,” he added.
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