PGIM Real Estate has provided an $85 million supplemental loan on behalf of its U.S. core strategy to DRA Advisors for its 140-building industrial portfolio that spans the U.S. Sun Belt region. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial.
PGIM Real Estate provided a 57-month, interest-only, fixed-rate loan for the portfolio supplemental loan to match the maturity of the existing $450 million loan, which PGIM closed in June 2019. The portfolio includes well-located institutional-quality properties across eight major logistics markets. In total, the portfolio consists of 57 industrial developments with 140 buildings, occupied by over 480 unique tenants.
The portfolio comprises a total of 9.9 million square feet, with its largest concentrations in the Dallas, Houston and Austin markets. The remaining properties are spread throughout the San Antonio, Atlanta,
