FOR IMMEDIATE RELEASE
Contact: Lauren Smith / Jessica Neuman
IDEA HALL
(714) 436-0855 ext. 23 / 31
lauren@ideahall.com /
jessica@ideahall.com
Buchanan Street Partners Arranges $60 Million Construction Loan for Higgins
- Buchanan Street Partners arranged $60 million loan for Higgins Development Partners.
- The development of Centergate Distribution Park answers to the tight industrial market in the Inland Empire region.
Newport Beach and Redwood City, CA (September 14, 2006) - Buchanan Street Partners, a national
real estate investment bank, arranged a $60 million construction loan for Higgins Development Partners.
The loan will fund the development of two industrial buildings totaling approximately one million
square feet on 44 acres in the heart of Inland Empire. Higgins plans to construct Centergate Distribution
Park to meet the growing demand for industrial space.
"The success of this complex financing structure depended on the recognition of the strong sponsorship
from Higgins and the right market conditions," said Steve Moen, Buchanan Street Partners' vice president.
"This development responds to the continued rise in demand for industrial space." The tight market in the
Inland Empire region is a reflection of the growing international trade activity in California. According
to the LA County Economic Development Corporation, the value of two-way trade in California reached $436
billion in 2005 and will reach $632 billion by 2008.
The 100% of cost construction loan for Centergate was priced at an attractive spread over Libor.
Buchanan's deep market knowledge and relationships with capital providers led to a creative financing
structure that allowed the sponsor to enhance their returns while minimizing their risk position.
About Buchanan Street Partners…
Buchanan Street Partners is a real estate investment bank that provides
real estate capital for owners and developers. The firm makes principal equity investments for real
estate in a discretionary capacity, arranges debt and structured finance, is an investment manager
to institutional and private investors, offers investment sale brokerage services, and has a specialty
in self-storage finance. Offices are located in Newport Beach, Los Angeles, San Francisco, Chicago,
Atlanta and greater Washington D.C.
Higgins Development Partners…
Higgins Development Partners offers real estate development services to
a wide range of corporate, institutional and public sector clients throughout North America. The firm's
projects include office, industrial, institutional, laboratory, and government facilities. The company is
headquartered in Chicago and has offices in California, New Jersey, Washington DC, and Toronto, Canada.
For more information, visit
www.higginsdevelopment.com.
