CMBS Prospectus Details $57M Condyne Industrial Portfolio Loan

A prospectus related to the GS Mortgage Securities Trust 2013-GCJ12 CMBS deal, which has 78 loans on 106 properties with a balance of $1.197 billion, was filed with the SEC on Friday, providing details related to the $57 million Condyne Industrial Portfolio Loan in Mass.

The loan is secured by first mortgages on three fee interests on the Condyne Portfolio – Littleton Property, Condyne Portfolio – Taunton Property and the Condyne Portfolio – Brockton Property and one leasehold interest on the Condyne Portfolio – Fall River Property, four industrial properties in Massachusetts.

The appraised value of the properties, which total 1,510,588 square feet, is $90.1 million. Tenants, which occupy 90.4 percent of the properties, include companies such as the Verizon Corp Services Group, Veryfine, Victor Innovative Textiles, and Super-Dog Pet Foods.

The loan was originated by Redwood Commercial Mortgage Corp on March 28, 2013 and has an interest rate of 5.09 percent per annum. 

- Littleton Loan: $24.1 million; 480,000 SF Property that is 87.5% Leased;
- Fall River Loan: $16.3 million; 600,000  SF Property that is 92.5% Leased;
- Taunton Loan: $11.8 million; 330,488 SF Property that is 87.6% Leased; and
- Brockton Loan: $4.8 million; 100,100 SF Property that is 100.0% Leased.

The borrowers are MA Industrial Taunton LLC, MA Industrial Littleton LLC, MA Industrial Fall River LLC and MA Industrial Brockton LLC, each a single-purpose, single-asset entity. Jeffrey C. O’Neill, Square Mile Partners IV LP, Square Mile Partners IV TE LP and Square Mile Partners IV-A LP are the non-recourse carveout guarantors under the Condyne Industrial Portfolio Loan.

The proceeds were primarily used to recapitalize the portfolio through the purchase of the equity interests of a prior partner. The loan also refinances existing debt on the Brockton Property.

The loan requires interest-only payments for the initial 12 months and then payments of principal and interest thereafter based on a 29-year amortization schedule. The scheduled maturity date is in April 2018.  

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