At a glance
- The loan is $83 million above a 2022 Wells Fargo mortgage that had $50 million of outstanding debt, the mortgage documents show.
- The five buildings total 709,480 square feet, and roughly 36,000 square feet, about 5% of the total, is listed as available on LBA Realty's website.
- For a private credit lender pricing the same collateral, the refinancing sets the senior loan at 67% of LBA's 2022 purchase price and leaves 5% of the campus vacant.
Wells Fargo lent $133 million to LBA Realty to refinance Dolphin Commerce Center, a 37-acre, five-warehouse industrial campus in Sweetwater, Fla., according to mortgage documents cited by Commercial Observer.
The loan is $83 million above a 2022 Wells Fargo mortgage that had $50 million of outstanding debt, the mortgage documents show. Against the $198 million LBA paid for the campus in 2022, the new debt equals about 67% of that purchase price.
The five buildings total 709,480 square feet, and roughly 36,000 square feet, about 5% of the total, is listed as available on LBA Realty's website. The late-1990s warehouses have clear heights of 24 to 28 feet at 11200 to 11698 Northwest 25th Street, about a mile north of the Dolphin Mall and east of the Florida Turnpike.
For a private credit lender pricing the same collateral, the refinancing sets the senior loan at 67% of LBA's 2022 purchase price and leaves 5% of the campus vacant.
Reported by the Real estate debt desk from Commercial Observer. Published . Corrections