Franklin Templeton and its specialist investment manager, Clarion Partners, have announced Clarion Partners Real Estate Income Fund’s $50 million mezzanine loan for the Agellan Portfolio III, a collection of 29 properties located across 10 MSAs and seven states. The mezzanine loan is part of the portfolio’s $350 million refinancing led by Wells Fargo.
The portfolio primarily comprises shallow-bay/last-mile warehouse buildings.
“We are pleased to work with the Agellan team again — they are quite skilled in this particular industrial sub-sector,” said Drew Fung, Clarion managing director. “Our existing relationship with Agellan and our deep familiarity with the assets enabled us to move efficiently and confidently through a transaction requiring an accelerated timeline.”
The portfolio is concentrated in strategic infill locations in strong industrial markets across Texas, Georgia, Florida, Indiana, Kentucky, Illinois and Maryland. The portfolio’s
