Industrial services facilities portfolio nabs $61m loan
Acting on behalf of Biynah industrial partners, JLL Capital Markets orchestrated a financing agreement for the acquisition of a national industrial portfolio covering 17 leading markets.
Biynah bought the collection of more than 20 last-mile installations with the help of a $61 million loan. All parties involved in the transaction remain silent on many details, including the specific acreage of the property group, but all signs point to Real term was the seller.
Matthew Schoenfeldt, managing director of JLL Capital Markets, and Lucas Borges, director of the firm, represented Biynah in the transaction. The portfolio, which is 93% leased, has been well received by the lending community.
“We received 10 very attractive quotes from insurance companies, banks – domestic and foreign – as well as credit funds,” Schoenfeldt said. commercial real estate director. The financing took the form of a variable rate loan fixed synthetically via a bank SWAP.
The portfolio is located in key regions of the Southeast, Mid-Atlantic, New England and Central United States, and consists of Industrial Services facilities, a specialty asset class that JLL Capital Markets describes as a fast-growing, multi-billion dollar industry sub-sector that has quickly become a favorite among real estate investors as well as lenders.
Fundamentally, ISFs are industrial properties with a significant outdoor storage component that facilitates a wide range of critical supply chain functions. “Specifically for this portfolio, last mile trucking terminals, transshipment docks and transshipment properties function as a supply chain management tool that allows companies to sort and reconsolidate incoming freight and facilitate fast, high-volume handling of goods to their final destination. said Borges CPE.
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Portfolio assets include the 131,000 square foot warehouse and distribution facility at 590 Broadway in Menands NY, and 1785 O’Rourke Blvd., a 3-acre facility currently leased to FedEx Freight in Gaylord, Michigan. the collection is leased to a total of 18 companies.
A kind of buying mood
So far, June has proven to be a busy month for Biynah. Less than two weeks ago, the company and its joint venture partner Alex. brown real estate took a notable initiative to develop its portfolio of highway terminals and high-flow industrial assets with the acquisition of four assets. The partners’ transportation-focused portfolio now totals 11 assets throughout the Midwest.