January 8, 2017
Keystone Mortgage Corp. closed a $69-million construction loan on behalf of San Dimas, CA-based Yellow Iron Investments for Arcadia Logistics Center, an 82-acre industrial project in Arcadia, CA. The former gravel quarry was reclaimed by an affiliate of the borrower over the last 10 years and entitled for development.
Upon completion in late 2017, the more than $235-million project will include three Class A industrial buildings totaling 698,000 square feet, situated on 40 acres of the site. The remaining 42 acres is ground leased to a national build-to-suit developer.
The financing was awarded to a large insurance company. The loan has a 3-year initial term with two, 1-year extension options and is interest only.
Keystone’s Nick Viscount, Scott Pierson and Lori Wendel arranged the financing.
For comments, questions or concerns, please contact Dennis Kaiser