First Industrial Realty Trust, Inc. (FR - Free Report) , a real estate investment trust (REIT), has recently obtained a debt funding of $77.6 million collateralized by 24 industrial buildings from an unnamed life insurance company. The 10-year debt facility bears a fixed-rated interest rate of 4.85% over a 30-year amortization schedule.
The loan-to-value ratio for the transaction, secured by properties spanning 2.3 million square feet of industrial space, was approximately 70%. The properties are located in diverse markets namely Tennessee, Ohio, Illinois, Minnesota, Texas, Wisconsin and California.
First Industrial continuously augments the overall quality of its portfolio by selling non-core assets and increasing its liquidity. The company expects to meet both its short-term and long-term liquidity needs with proceeds from asset sale, issuance of additional secured debt, and through continued equity issuance.
First Industrial owns and operates industrial real estate assets and provides supply chain solutions to multinational corporations and regional customers that range from 1,000 square feet to over 1 million square feet in leading industrial markets.
Since its inception in 1994, the company has developed a niche in offering premier industrial space across major markets in North America, including bulk and regional distribution centers, light industrial and other industrial facility types.
We presently have a Neutral rating on First Industrial for the long-term. We also have a Neutral recommendation for Duke Realty Corp. (DRE - Free Report) , a competitor of First Industrial.