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Industrial Property Trust Secures $100 Million Loan

Industrial Property Trust Inc. a publicly registered non-traded real estate investment trust that owns and operates distribution warehouses, entered into a $100 million secured loan agreement with the Teachers Insurance and Annuity Association of America.

The loan, which has a 3.52 percent annual interest rate, requires interest-only monthly payments for the first four years and monthly payments of principal and interest thereafter. The maturity date is October 1, 2023. 

The loan is cross-collateralized and secured by deeds of trust, assignments of leases and rents, security agreements, fixture filing statements, mortgages and related assignments and security interests in each of the buildings in the O’Hare Distribution Center, Windham Industrial Center, CentrePort Distribution Center, Livermore Distribution Center, Century Distribution Center, Bayport Distribution Center I & II and Rialto Distribution Center.

Starting on November 1, 2016, the loan may be repaid in full prior to maturity, with a prepayment premium, or it may be prepaid without a premium during the last 90 days of the loan term.

Earlier this month, The DI Wire reported that Industrial Property Trust elected John Hagestad as its sixth board member.

Industrial Property Trust is focused on acquiring and operating high-quality distribution warehouses that are leased to corporate customers. The company’s core strategy is to build a national platform of high-quality industrial properties by targeting markets that have high barriers to entry, proximity to a large demographic base, and/or access to major distribution hubs. As of June 30, 2015, Industrial Property Trust has acquired, either directly or its joint venture partnership, 68 industrial buildings totaling approximately 9.3 million rentable square feet in 14 major industrial markets for an aggregate purchase price of approximately $719.1 million.