Lake Barrington Industrial Acquisition
StackSource recently arranged acquisition financing for a multi-tenant industrial property in Lake Barrington, IL led by a group of experienced industrial and commercial real estate investors. Their interest in the property is primarily centered around bringing rents up to market rates. In addition, they're exploring building out additional space for the space's core tenant that is expanding their business. The investors and lender were comfortable with the near term lease roll as the market vacancy rate for industrial properties with similar unit sizes is under one percent.
StackSource Capital Advisors Freddy Johnson and Chris Peters secured financing through a regional bank that provided a 75% LTV acquisition loan, with a 5-year fixed rate of 3.79%, amortizing over 25 years, and no origination fee. StackSource is looking forward to continuing their relationship with the investor group as they grow their industrial portfolio throughout the Midwest.