JLL secures $869M to refinance a 25-asset national Class A bulk industrial portfolio
The 11.4 million-square-foot portfolio is fully leased and positioned in 13 key industrial markets
DALLAS, Oct. 27, 2023 – JLL’s Capital Markets group announced today that it 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 U.S.
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.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director John Rose, Associate Ryan Pollack, and Analyst Luke Rogers. The JLL team worked closely with Kevin Westra and Bob Henning with Northwestern Mutual and Paul Geyer with PGIM Real Estate to facilitate the timely loan closings.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Northwestern Mutual
Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With more than $558 billion of total assets being managed across the company's institutional portfolio as well as retail investment client portfolios, nearly $35 billion in revenues, and $2.2 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities and brokerage and advisory services. Northwestern Mutual ranked 111 on the 2023 FORTUNE 500.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.
About PGIM Real Estate
With $210 billion in gross assets under management and administration,1PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing2 and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.
1 As of 30 June 2023. Net AUM is $133 billion and AUA is $49 billion.
2 Includes legacy lending through PGIM’s parent company, PFI.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.