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PGIM Real Estate Lends $66M For Industrial Property On Lance Drive In Riverside

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FINANCED
$66,000,000
Valerie (Val) Achtemeier
Ian DeVries
Chris DeVries

California

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Industrial1,012,995 SF
Financed 05/13/2020
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FINANCED

PGIM Real Estate Lends $66M For Industrial Property On Lance Drive In Riverside

6275 Lance Dr, Riverside, CA 92507, USA

See Similar Deals
Industrial1,012,995 SF
Financed 05/13/2020
Valerie (Val) Achtemeier
Ian DeVries
Chris DeVries
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Industrial
Price Per Square Foot:$65
Total Square Footage:1,012,995 SF
Transaction Type:Loan

A closed transaction in Riverside involved an industrial property located at 6275 Lance Drive. The property measures 1,012,995 square feet and was owned by TA Realty. The deal was facilitated by brokers Val Achtemeier of CBRE and Ian & Chris DeVries of Colliers International. The lender for this transaction was PGIM Real Estate, represented by Brett Ulrich. The loan amount for the deal was $66,000,000, provided on an 8-year fixed-rate term.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $66,000,000
  • Address: 6275 Lance Drive
  • Market: Riverside
  • Asset Type: Industrial

The key individuals involved in this transaction were Val Achtemeier of CBRE, representing the buyer or tenant, and Ian & Chris DeVries of Colliers International. Brett Ulrich of PGIM Real Estate was the lender for the deal.

Players

Ian DeVries
Ian DeVries
3 deals$105.5M volume(949) 279-7441
BROKER
Valerie (Val) Achtemeier
CBRE
Valerie Achtemeier
3 deals$234M volume
BROKER
Chris DeVries
Chris DeVries
3 deals$105.5M volume
BROKER
PGIM
PGIM
LENDER
TA Realty
TA Realty
LANDLORD

Details

FINANCED
IMAGE: Ian DeVries, Brett Ulrich & Val Achtemeier DATE: 05/13/2020 ADDRESS: 6275 Lance Drive MARKET: Riverside ASSET TYPE: Industrial LENDER: PGIM Real Estate – Brett Ulrich LANDLORD: TA Realty BROKERS: Val Achtemeier – CBRE, Ian & Chris DeVries – Colliers International LOAN AMOUNT: $66,000,000 LOAN TERMS: 8-year, fixed-rate SF: 1,012,995

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$66,000,000.00

Monthly NOI$440,000.00
Monthly Debt Service$417,164.90
Change in Cash Flow$0.00
Refinance Proceeds$0.00