$115M financing arranged for 1.6M-square foot industrial portfolio
JLL Capital Markets arranged the loan for a fund managed by a subsidiary of Ares Management Corporation
DENVER, Jan. 6, 2022 – JLL Capital Markets announced today that it has arranged a $115 million refinancing of a six-property, fully leased, Class A industrial portfolio totaling 1.6 million square feet. The portfolio spans across five highly sought-after, last mile markets – Cincinnati, Indianapolis, Las Vegas, San Antonio and San Francisco.
JLL worked with New York Life Real Estate Investors on behalf of the borrower, a fund managed by a subsidiary of Ares Management Corporation, to place the five-year, fixed-rate loan with New York Life Insurance Company.
Designed for the modern industrial user, the portfolio is fully leased to 13 diverse, credit tenants with a weighted average lease term of 4.6 years. Three of the properties were constructed in 2017 and all feature elevated clear heights with ample loading positions, parking and trailer stalls. Additionally, each property features excellent access to large regional airports, downtown metros and some of the most heavily trafficked interstates across the U.S.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Eric Tupler and Ken Martin, Senior Director CW Sheehan, Director Carl Beardsley and Associate Taylor Gimian.
“The combination of superior sponsorship combined with high-quality core industrial assets attracted significant lender capital to this financing,” Tupler said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Company. For more information please visit: newyorklife.com/realestateinvestors.
New York Life Real Estate Investors is a full service, fully integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage-backed securities. With over $62.8 billion in assets under management as of September 30, 2021,(1) New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
(1) Real Estate Investors AUM of $62.8B is gross and includes AUA ($1.4B) as of 9/30/2021. Net AUM for Real Estate Investors is $61.4B as of 9/30/2021.
About New York Life
New York Life Insurance Company (newyorklife.com), a Fortune 100 company founded in 1845, is the largest(1) mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies(2).
(1) Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/2/2021. For methodology, please see http://fortune.com/fortune500/.
(2) Individual independent rating agency commentary as of 10/15/2020: A.M. Best (A++), Fitch (AAA), Moody's Investors Service (Aaa), Standard & Poor's (AA+). The financial strength of New York Life Insurance Company applies only to its insurance products and not to investment products which are subject to market risk and fluctuation in value.