West Hollywood-based developer Faring, in partnership with a third-party logistics company, has scored a $50 million loan to refinance and help stabilize a warehouse in San Bernardino County.
A10 Capital provided the bridge loan on the 500,000-square-foot warehouse, located at 12170 Momentum Road in Victorville, according to an announcement from Faring. Terms of the loan were not disclosed.
Faring completed the project in 2023, through a venture with G&B Fulfillment 3PL. Faring holds a 35 percent stake in the property, while G&B holds 65 percent, according to property records.
Faring and G&B previously held a $42.5 million construction loan from regional lender Western Alliance Bank, records show.
Since completion, the property has been leased to Iron Mountain, a publicly traded records management firm, for 10.5 years.
The financing marks Faring’s 10th loan with A10 Capital, a real estate lender based in Boise, Idaho. The firm mostly finances between $5 million and $50 million on individual properties, according to its website. About 20 percent of A10’s transactions have been on industrial properties.
Faring has worked to refinance a number of projects over the last few months. The firm recently scored a $35 million loan from Centennial Bank to refinance a 400,000-square-foot hotel and office project in West Hollywood.
The post Faring scores $50M to refinance Iron Mountain-leased warehouse appeared first on The Real Deal.
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