Bridge Industrial has scored $430 million in loans to refinance its sprawling industrial complex in Rancho Cucamonga.
The Chicago-based firm secured $268 million in senior loans plus $162 million in junior financing tied to Bridge Point Rancho Cucamonga, a 2.2 million-square-foot warehouse complex at 12415 Sixth Street, according to reports from credit agencies KBRA and Fitch Ratings.
Wells Fargo provided the senior financing, according to records filed with San Bernardino County. The junior lender was not disclosed and Bridge did not respond to a request for comment.
About $80 million of the senior debt was packaged into a commercial mortgage-backed securities deal, with an interest rate of 5.83 percent and a seven-year term, according to a KBRA report.
The new financing was used to pay off $309 million in construction debt provided by Wells Fargo and KeyBank, and return $118 million to Bridge and its partners.
Bridge teamed up with the Teachers’ Retirement System of Texas and Banner Oak Capital Partners to build the warehouse facility, which it finished this year.
The property comprises two buildings: one fully leased to Mexican grocery store Chedraui and another leased to CEVA Logistics, a supply chain management and freight company.
Chedraui signed a 1.4 million-square-foot lease at the property last year, in a deal that expires in 2044 and has a base rent of $17.52 a square foot, according to KBRA. The firm is also spending $70 million building out a cold storage facility at the building.
CEVA, which holds a lease through 2034 at the property, is paying $19.05 in base rent on about 745,000 square feet at the site.
Rancho Cucamonga is located just west of the city of San Bernardino in the Inland Empire region, about 37 miles east of Los Angeles.