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Chicago & Midwest  + Greater Chicagoland  + Industrial  |  July 17, 2018
Paul Bubny
By: Paul Bubny

Plymouth Refis Debt on Industrial Buy from Goldman Sachs

Plymouth Industrial REIT has closed on a refinancing of debt on its Chicago-area industrial portfolio. The Boston-based REIT acquired 15 properties from a subsidiary of Goldman Sachs for about $101 million this past November.

Transamerica Life Insurance Company provided Plymouth with a 10-year, $78-million loan, with a fixed interest rate of 4.35%, that was used to retire a $79.8-million term loan from GS Special Situations Group. That earlier financing was used to partially fund the acquisition of 1750 S. Lincoln Dr. in Freeport, IL (pictured), and 14 other properties, all but two of which are in Chicago’s Illinois suburbs.

“We have made great strides in 2018 to improve our capital structure,” said Plymouth chairman and CEO Jim Witherell. “With this refinancing and the May 2018 prepayment of our mezzanine debt through KeyBank, we have significantly reduced our cost of debt while eliminating most of our variable rate debt exposure.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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