First Industrial Realty Trust closes $77.6 million financing deal

PRNewswire

CHICAGO — First Industrial Realty Trust said it has closed on a secured financing transaction with a life insurance company for gross proceeds of $77.6 million.

The financing is secured by 24 buildings totaling approximately 2.3 million square feet. The properties are located in Tennessee, Ohio, Illinois, Minnesota, Texas, Wisconsin, and California.  The term of each of the loans which comprise the financing is 10 years, with the interest rate fixed at 4.85% over a 30-year amortization schedule.  The loan-to-value ratio for this financing was approximately 70%.

“This new financing enhances our capital flexibility at an attractive rate and terms, as we execute our strategy to drive value from our portfolio and future investments,” said Bruce W. Duncan, president and chief executive officer of First Industrial.

“Through our relationship with our financing partner, we were able to efficiently complete this mutually beneficial transaction,” said Robert J. Walter, senior vice president of capital markets.

First Industrial Realty Trust is an owner and operator of industrial real estate and provider of supply chain solutions to multinational corporations and regional customers.