Cannon TTM Secures $60 Million Loan For Industrial Portfolio Acquisition In Hammond And Jacksonville
$85,250,000
$40/SF
Building Size
2,100,000 SF
Asset Type
Industrial
Closing
Feb 7, 2025
AI
An industrial portfolio consisting of assets located in Hammond, Louisiana, and Jacksonville, Florida, has been secured with a loan amount of $60 million for acquisition purposes. This portfolio spans a total square footage of 2,000,000 and is fully leased to the grocery chain Winn-Dixie.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $60,000,000
- Loan Type: Acquisition
- Loan Terms: 10-year fixed-rate
- Landlord: Tyler Mateen - Cannon TTM
- Brokers: Jeff Sause & Joshua Blank - JLL
- Market: Hammond, Louisiana & Jacksonville, Florida
JLL played a crucial role in this transaction by arranging the $60 million in CMBS financing, which is vital for supporting the distribution centers operated by the grocer. The debt advisory team was led by brokers Jeff Sause and Joshua Blank.
Players
Market Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93