Marcus & Millichap (MMI) unit IPA Capital Markets arranged $96.7 million in financing from Bank OZK (OZK) for three industrial properties in Rockford, Illinois.
The three-year, non-recourse financing was secured on behalf of Craig Erdmier, a Northern Illinois-based design-build and construction management professional and general contractor, IPA Capital Markets said Monday in a statement.
The financing will be used to consolidate the stabilized assets and cross-collateralize the income-generating properties to support construction of a 155,000-square-foot third facility, IPA Capital Markets said.
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