Fortress Announces Completion of West Coast Industrial Outdoor Storage Refinancings Totaling $708 million [Yahoo! Finance]
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SOFTBANK GRP UNSP/ADR (SFTBY)
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Source: Yahoo! Finance
NEW YORK & DALLAS, June 17, 2024 BUSINESS WIRE )--Fortress Investment Group today announced the completion of two industrial outdoor storage ("IOS") refinancings totaling $708 million. The transactions included a $493 million first-of-its-kind single-asset, single-borrower ("SASB") CMBS loan, in addition to a $215 million balance sheet loan. Both transactions were completed by funds managed by affiliates of Fortress Investment Group LLC ("Fortress") on June 7, 2024, with financing led by Deutsche Bank. The SASB CMBS transaction is collateralized by a portfolio of 41 West Coast IOS properties—32 properties in California, eight properties in Seattle and one property in Portland—representing a total of 1.9 million square feet of building space on 142 acres of land. Approximately 75% of the portfolio was within one mile of the nearest highway and the entire portfolio is located within 25 miles of a port. Appraisers valued the portfolio at approximately $740 million. The portfolio featu
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