JLL secures $869m to refinance a 25-asset class-A bulk industrial portfolio across U.S.
JLL’s Capital Markets group has arranged a total of $869 million in financing for a 25-property bulk industrial portfolio totaling 11.4 million square feet in 13 major industrial markets across the United States.
JLL worked on behalf of the borrower to secure fixed-rate loans from Northwestern Mutual and PGIM Real Estate. The team secured two separate financings of $259 million and $195 million from Northwestern Mutual and a single $415 million loan from PGIM Real Estate.
The portfolio is comprised of newly built, class-A, institutional-quality assets that are fully occupied by 42 diverse tenants. The portfolio has an average clear height of 35 feet and an average vintage of 2020.
PGIM Real Estate on behalf of its core debt strategy, has provided $415 million in fixed-rate financing to the portfolio, according to a release. PGIM Real Estate is the $210 billion real estate investment and financing business of PGIM, the global asset management business of Prude