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MEDLEY, FLA. — Berkadia has secured a $50 million loan for the refinancing of the Galaxy Industrial Portfolio, a collection of 20 warehouse buildings in the Miami suburb of Medley spanning 689,940 square feet.
Ocean Bank provided the five-year, fixed-rate loan with two five-year extension options and a 12-month interest-only period. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez, Shannon Wilson and Luke Maganas of Berkadia arranged the loan on behalf of the borrower, Galaxy Industrial.
The portfolio was 97.4 percent leased at the time of financing to tenants in the packing, logistics and shipping sectors. The assets were built between 1982 to 1995 and are situated within one mile of each other.