PRP, a Washington, D.C.–based investment management firm focused on credit net-lease investments, has closed on a $291 million single-asset, single-borrower CMBS loan backed by a five-property logistics portfolio.
The loan, underwritten by J.P. Morgan and arranged by Eastdil Secured, refinances a five-property logistics portfolio that includes more than 4.52 million square feet of class A logistics properties. The five properties are located within strong distribution markets, including Birmingham, Ala.; Greenville-Spartanburg, S.C.; Houston; and St. Louis, Ill.
These distribution centers are fully leased to investment-grade tenants with 13-year lease terms. Tenants in the portfolio include a global online retailer, one of the largest home improvement companies in the United States and a global manufacturer of power tools.
“These five properties are well-located within major national distribution markets,” said Paul Dougherty, president of PRP. “The prop
