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Deals & Dealmakers

Capital One Closes $60.0 Million Loan to Refinance an Infill Southern California Industrial Portfolio

Capital One announced today that it provided a $60 million loan to Rexford Industrial Realty (“Rexford”), a publicly traded real estate investment trust, to refinance a portfolio of six properties in Los Angeles, Orange, and Ventura Counties. Michael Sleece, Managing Director of CRE Investment Banking, originated the transaction. Capital One has a longstanding relationship with Rexford that includes a large unsecured credit facility that Rexford has used to support its expansion over the past few years.

“Capital One is a valued partner in supporting Rexford’s sector-leading growth,” said Laura Clark, Chief Financial Officer of Rexford. “Our favorable access to capital enables Rexford to capitalize on accretive internal and external value creation opportunities. We have benefited from the expertise and market insight provided by Michael and his team over the years.”

The portfolio has been refinanced with a two-year, interest-only, adjustable-rate term loan closed on October 27, 2022 with three 12-month interest-only extension options. The six properties, totaling 900,000 square feet, are 100 percent occupied and located in Simi Valley, Oxnard, Camarillo, Fullerton, Irwindale, and City of Industry. 

“Industrial real estate fundamentals within infill Southern California continue to be resilient due to diversified tenant demand and high barriers to new supply,” Sleece said. “Our knowledge of the market and relationship with the company helped us create an attractive financing package that met Rexford’s needs.”

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