SALT LAKE CITY — Jones Lang LaSalle Secures (JLLS), a member of JLL Capital Markets, has structured and placed a $112 million credit tenant lease and equipment financing for a newly completed industrial facility located at 6320 W. 300 South in Salt Lake City. JLLS served as placement agent for the developer, Riverbend Management.
The lease financing and tenant improvements loan was structured to mature with the initial lease term and provide the borrower a single source of financing at a competitive, long-term, fixed rate. The loan allowed Riverbend Management to refinance an existing construction loan in addition to funding more than $80 million of equipment manufacturing improvements.
Following tenant improvements, Riverbend will convert the 309,489-square-foot industrial property into a manufacturing facility.
Bill Cavagnaro and Austin Johnson of JLLS represented the borrower in the financing. Additionally, JLL’s Work Dynamics represented the tenant on selection of the manufacturing site, and JLL’s Product and Development Services served as construction monitor.