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Value Add Industrial Investor Closes on Speculative Financing for the Acquisition of 67,000SF Vacant Warehouse in Montgomery County, PA Spec Financing Lives On: Diligence Capital Advisors sources 70% LTC loan for acquisition of a 67,000 SF vacant warehouse in Montgomery County, PA KING OF PRUSSIA, Pa., Nov. 27, 2020  /PRNewswire/ -- Diligence Capital Advisors of Philadelphia sourced and negotiated a $5,900,000 loan from a New Jersey community bank for the acquisition of a 67,000 square foot vacant industrial asset in Montgomery County Pennsylvania. Diligence Capital Advisors described the borrower-sponsor as a boutique real estate investment firm based out of New Jersey which specializes in value add and opportunistic industrial assets in the Philadelphia- New Jersey metro market.   This continues the recent string of numerous speculative financing loan closings for Diligence Capital Advisors in the last 180 days. Based on reports from the lender, the loan closed within 60 days of a signed term sheet, which was confirmed by principals from Diligence Capital Advisors. The parties also jointly confirmed that the loan also was structured with an earn out for the borrower upon hitting stabilization and other agreed upon financial metrics. The warehouse acquired was in poor condition, in need of capex but had great bones, excellent clear height, many loading docks and is well located as a last mile distribution center. The borrower-sponsor also had a strong track record of successful leasing of vacant industrial assets. The borrower intends to hire an industrial broker within 30 days to market the asset for lease. "The notion that there is no spec acquisition financing for industrial deals is just wrong.

Volkswagen looking at stopping Passat production in Chattanooga, may shift to making all SUVs This story was updated at 4:56 p.m. on Thursday, Nov. 19, 2020, with more information. Volkswagen is looking at stopping production of the Chattanooga-made Passat sedan, which is the first vehicle ever assembled at the plant. As sales of sedans trend down and buyers continue to spend on new SUVs, industry website Wards Auto says that U.S. production of the Passat will cease in 2023. But Mark Gillies, senior manager of product and technology communications for Volkswagen of America, said that global VW brand chief Ralf Brandstatter hasn't put a date on stopping production of the Passat. He said that Brandstatter said in an interview with Wards that there are plans to stop production "at a later date." Wards said that as  production of the electric ID.4 best site SUV  launches in Chattanooga in 2022 and reaches full capacity in 2023, that's when Passat output ends. The Chattanooga plant, which started production in 2011, would then be assembling an all-SUV product line.