Closed: Permanent CTL financing on Cummins, Inc. Headquarters
CTL Capital recently closed a $28mm credit tenant lease loan for the corporate headquarters of Cummins, Inc. (formerly Cummins Engine Company, Inc.) in Columbus, Indiana. CTL structured a CTL loan with a 1.0x debt service coverage to meet the borrower’s high leverage requirements.
The 200,000± square foot building financed was constructed in 1983 with significant renovations completed in 2006. Cummins, a Global Fortune 500 company, has had its corporate headquarters on the site since its founding in 1919.