Barings provides $138.6M first mortgage to Hillwood for Rancho Cucamonga industrial

Barings has provided $138.6 million in first mortgage financing to Hillwood to refinance the first phase of Speedway Commerce Center, Connect CRE reported. The two Class A industrial buildings total roughly 656,000 square feet in Rancho Cucamonga and are fully leased.

On the reported figures, the loan is about $211 per square foot. The report does not give the loan's term, rate, spread or loan-to-value.

The buildings have high clear heights, trailer and automobile parking, and extensive loading. The site has immediate access to Interstate 10 and Interstate 15, providing connectivity across Southern California and to the Ports of Los Angeles and Long Beach.

"We are pleased to provide this financing to Hillwood, a best-in-class industrial developer with a long track record of delivering high-quality logistics assets in key distribution markets," said Tom Cross, a managing director at Barings. Cross called Speedway Commerce Center a modern, strategically located asset in one of the country's most sought-after logistics markets, pointing to transportation links and long-term demand drivers.

Reported the same day, a $94 million Affinius refinancing for Hillwood's Crossroads Logistics Park in Midlothian, Texas, covered three buildings still in lease-up. The three buildings total 1.2 million square feet and were built in 2023, as this publication reported. Speedway is fully leased; the Texas portfolio was financed before the rent roll filled.

On Oct. 1, Brennan and Barings closed a $150 million industrial outdoor storage facility seeded by five properties in Denver, Houston and Austin, arranged by JLL.