Wells Fargo Bank and Square Mile Capital Management have provided a total of $385 million of senior and mezzanine debt against a portfolio of 103 industrial and office properties with 11.1 million square feet in California and the Midwest.
Wells provided $345 million of senior financing, while Square Mile funded a $40 million mezzanine loan. Both have five-year terms and funded the portfolio's $600 million purchase by a venture of Westcore Properties and DRA Advisors from the estate of Sacramento, Calif., developer Joe Benvenuti, who died in May at the age...
“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:
- Breaking mortgage, CMBS, and REIT news
- Quarterly league tables with rankings of B-piece buyers, book runners, and lenders
- Industry moves and changes in “The Insider“