Berkadia Arranges $50M Refi Of Miami Industrial Portfolio

Berkadia announced the refinancing of the Galaxy Industrial Portfolio, a 689,940-square-foot portfolio consisting of 20 warehouse buildings located in the Medley submarket of Miami.

Senior Managing Director Charles J. Foschini, Managing Director Christopher Apone, Vice President-Originations Lourdes Carranza-Alvarez, Associate Director Shannon Wilson and Analyst Luke Maganas of Berkadia Miami and secured a $50 million loan on behalf of the sponsor, Galaxy Industrial.

Ocean Bank provided the five-year, fixed-rate loan with two five-year extension options, and a 12-month interest-only period.

“A thorough process led us to ultimately identify a bank that was relationship-oriented and willing to take a commonsense approach to insurance,” said Foschini. “With the land value alone far in excess of the loan amount, the lender waived several major coverages including flood and windstorm that most other lender require.”

The Medley industrial market has shown immense growth both in absorption, rent increases, and investment and development activity over the past few years. This robust activity reflects the strong demand in the area, particularly from tenants in transportation and manufacturing.

Built between 1982 and 1995, the properties in the portfolio are located within a mile of each other at:

• 7902 – 8180 NW 66th Street
• 8430-8600 NW 72nd Street
• 8610-8693 NW 70th Street
• 7061-7185 NW 87th Avenue
• 6900-6931 NW 84th Avenue
• 8402-8620 NW 70th Street
• and 8501-8611 NW 72nd Street

Constructed with durable CBS block and twin-T roofs, the facilities offer 20- to 32-foot ceiling clear heights, both street and dock level access (167 docks in total), and 670 parking spots.

The portfolio is 97.4% occupied, catering primarily to tenants in the packing, logistics, and shipping sectors.

The Medley industrial market, located just north of Miami International Airport and 15 miles from Port Miami, benefits from its proximity to major transportation routes including the Florida Turnpike, I-75, and the Palmetto Expressway. This connectivity enables easy access to 84% of South Florida’s population within a 60-minute drive.