- 206,125 sf Industrial Building
- Carol Stream, IL
Axiom Capital Corporation has arranged an $8,000,000 permanent loan for purposes of refinancing an industrial building in Carol Stream, IL. The 10 year, non-recourse loan was closed with a correspondent life insurance company. The loan demonstrated a 64% Loan to Value and a 1.48x Debt Service Coverage amortized over 25 years.
The subject property is a 206,125 SF single tenant light manufacturing and warehouse facility that contains 16,000 SF of finished office space. The property was recently expanded by 55,000 SF in late 2013. TW Metals, a wholly owned subsidiary of O’Neal Steel, has 100% occupancy of the facility under a lease that was recently extended through 2035. They have been a tenant at the building since 1976. TW, founded in 1907, is a leading global supplier of specialty metal products. O’Neal Steel is a leading supplier of carbon and alloy steel, stainless steel, and aluminum products. In addition, they are one of the nation’s oldest and largest privately owned family businesses founded in 1921. In 2012, O’Neal reported sales exceeding $2.4 billion, net income of $41.2 million, and $196 million in net worth.
The subject is located in Carol Stream in the Central DuPage industrial submarket of Chicago, IL. The subject property is a strategically located critical facility in the TW distribution network. It is within close proximity to O’Hare Airport for international shipping, and has direct access to multiple North/South and East/West Interstates including I-88, I-90, I-294, I-355 and I-55 allowing shipments throughout the Midwest and final access to CSX’s Intermodal Rail Container Facility for rail and Great Lakes shipping.