TIAA-CREF has provided a $58m loan to Beacon Partners for a 1.6m sq ft industrial portfolio located in and around the Charlotte, North Carolina area.
The 15-year fixed rate loan refinances eight 100%-leased properties. The largest is a 520,000 sq ft distribution facility at 6550 Judge Adams Road in Whitsett, NC.
Charlotte-based real estate investment firm Beacon owns 6.5m sq ft of industrial property in North and South Carolina, having closed on nearly 2m sq ft of existing buildings and constructed 630,000 sq ft of new speculative space over the last year.
The transaction marks the first time Beacon has closed a loan with TIAA-CREF. But CBRE, which arranged the financing, has a long-standing relationship with Beacon, having previously assisted the firm on a number of investment sales and other transactions.
In March CBRE arranged the sale of a 350,000 sq ft, fully-leased distribution facility in eastern Spartanburg County in South Carolina to Beacon.
“To add our Debt & Structured Finance platform to the team is particularly satisfying and we look forward to the partnership,” said Hal Kempson of CBRE’s Charlotte office, who arranged the TIAA-CREF deal with Compton Newman.
TIAA-CREF’s national platform has offices in New York, Charlotte, Newport Beach and San Francisco, targeting fixed rate loans with a minimum loan size of $20m secured by office, retail, industrial and multifamily properties.
The firm in September hired Ted Norman to head its US mortgage lending platform.