Faropoint, a tech-enabled real estate investment firm focused on last-mile industrial properties in high population-growth markets, has received $273 million of financing proceeds from a bank syndicate led by Capital One and J.P. Morgan for Project Walk-Off, a 61-asset portfolio of light/infill industrial properties totaling nearly 3.5 million square feet.
The loan represents the largest portfolio refinance by Faropoint to date by number of assets, following a 46-asset refinance closed earlier this year in Fund III.
As Fund II moves through its value-realization phase, the refinancing optimizes the capital structure of stabilized assets and enhances the fund’s distribution capacity.
The portfolio is 96 percent leased with a weighted average lease term of 3.8 years and is located across eight major metros in the Northeast, Southeast and Midwest. The properties were acquired between 2021 and 2022 and have received capital investments from Faropoint and its 103 u
