Logistics Property Co. secures $66m for industrial assets in the Chicago MSA
Logistics Property Co. has secured a $66 million, fixed-rate loan on behalf of its core investment strategy to refinance two newly built, class A, bulk industrial assets in the Chicago metro area.
PGIM Real Estate provided the loan. Logistics Property Co. will use the funds to refinance the cross-collateralized and cross-defaulted industrial portfolio. It will be used to pay off construction debt, cover closing costs and return equity to LPC.
The assets encompass a total 760,669 square feet and include Palatine 90 Logistics Center in Palatine, Ill., and 2800 W. Diehl Road in Aurora, Ill.