JLL arranges $690M financing for 44-property industrial portfolio

Rhea-AI Summary

JLL announced a successful arrangement of $690 million in financing for a portfolio of 44 net-leased properties across the U.S., totaling 6.85 million square feet. The capital was secured from Wells Fargo Bank as a two-year, floating-rate, non-recourse loan, with additional support from United Overseas Bank. The diverse portfolio, primarily leased to reliable tenants across industries such as e-commerce and logistics, spans 611 acres in high-growth markets. JLL's Capital Markets group facilitated this financial deal, showcasing their expertise in real estate financing.

Positive

• Secured $690 million financing for a diverse portfolio of properties.
• Portfolio consists of 44 net-leased properties, totaling 6.85 million square feet.
• Properties are over 80% leased to reliable, industry-leading tenants.
• Financing includes support from reputable banks like Wells Fargo and United Overseas Bank.

Negative

• None.

DALLAS, Dec. 2, 2021 /PRNewswire/ -- JLL announced today that its Capital Markets group has arranged a $690 million financing for a portfolio of 44 net-leased industrial, office and data center properties totaling 6.85 million square feet in high-growth markets across the United States.

JLL worked on behalf of the borrower, Blackstone Real Estate Income Trust (BREIT), to place the two-year, floating-rate, non-recourse loan with Wells Fargo Bank. The financing comprises a term loan and a revolving credit facility. Additionally, the New York Agency of Singapore-based United Overseas Bank (UOB) joined the financing, committing half of the arranged capital post-closing.

The portfolio consists of single- and multi-tenant mission-critical assets with diverse functions that include warehouse, bulk warehouse, light industrial, office, laboratory, truck terminal, data center and raw land. With an average age of 17 years, the properties feature an average clear height of 28 feet, 87 suites and 1,148 dock doors. It is more than 80% leased to industry-leading tenants with a proven history of significant tenant investment and that represent a diverse range of industries, including e-commerce, web services, pharmaceuticals and logistics.

Situated on a total of nearly 611 acres, the portfolio properties are in 10 states in high-growth, highly connected markets such as Raleigh-Durham and Greensboro, North Carolina; Boston, Massachusetts; El Paso, Texas; Atlanta, Georgia; Chicago, Illinois; Salt Lake City, Utah; and Minneapolis, Minnesota.

JLL's Capital Markets debt advisory team representing the borrower was led by Executive Managing Director Trey Morsbach, Managing Director Michael Cosby and Analysts Bo Beidleman and Ryan Pollack.

JLL's Capital Markets group 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 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 JLL

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, 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.

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Contact: Kimberly Steele, JLL Manager, Public Relations
Phone: +1 713 852 3420
Email:  Kimberly.Steele@am.jll.com

 

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SOURCE JLL

FAQ

What financing did JLL arrange for its property portfolio?

JLL arranged $690 million in financing for a portfolio of 44 properties.

What types of properties are included in the JLL financing deal?

The financing covers industrial, office, and data center properties.

Who provided the financing for JLL's portfolio arrangements?

Wells Fargo Bank provided the primary financing, with additional support from United Overseas Bank.

Where are the properties financed by JLL located?

The properties are located in high-growth markets across 10 states in the U.S.