Faring scores $50M to refinance Iron Mountain-leased warehouse

Bridge loan to help stabilize 500K sf industrial property in Victorville

Faring Scores $50M Refi for Iron Mountain-Leased Warehouse
12170 Momentum Road Victorville and Faring’s Jason Illoulian (Getty, Google Maps, about.me)

West Hollywood-based developer Faring, in partnership with a third-party logistics company, has scored a $50 million loan to refinance and help stabilize a warehouse in San Bernardino County.

A10 Capital provided the bridge loan on the 500,000-square-foot warehouse, located at 12170 Momentum Road in Victorville, according to an announcement from Faring. Terms of the loan were not disclosed.

Faring completed the project in 2023, through a venture with G&B Fulfillment 3PL. Faring holds a 35 percent stake in the property, while G&B holds 65 percent, according to property records. 

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Faring and G&B previously held a $42.5 million construction loan from regional lender Western Alliance Bank, records show.

Since completion, the property has been leased to Iron Mountain, a publicly traded records management firm, for 10.5 years. 

The financing marks Faring’s 10th loan with A10 Capital, a real estate lender based in Boise, Idaho. The firm mostly finances between $5 million and $50 million on individual properties, according to its website. About 20 percent of A10’s transactions have been on industrial properties.

Faring has worked to refinance a number of projects over the last few months. The firm recently scored a $35 million loan from Centennial Bank to refinance a 400,000-square-foot hotel and office project in West Hollywood. 

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