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Chicago & Midwest  + Chicago  + Finance  |  September 29, 2023
PGIM Provides $66M in Refinancing for Chicago Industrial Properties
Jasmine Kilman
By: Jasmine Kilman

PGIM Provides $66M in Refinancing for Chicago Industrial Properties

PGIM Real Estate has provided a $66 million fixed-rate loan on behalf of its core investment strategy to refinance two newly built, Class A, bulk industrial assets in the Chicago metro area.

The loan was provided to Logistics Property Company (LPC), which will use the funds to refinance the cross-collateralized and cross-defaulted industrial portfolio. The proceeds of the loan will pay off construction debt, cover closing costs, and return equity to LPC. The assets, which include Palatine 90 Logistics Center in Palatine and 2800 West Diehl Road in Aurora, encompass a total of 760,669 square feet.

Craig Foreman, Executive Director at PGIM Real Estate, who led the financing, commented, “Chicago’s industrial market remains strong, reflecting the resiliency of this asset class nationwide. Logistics Property Company is widely recognized as a leader in the industrial space, and we’re excited to support their financing needs once again.”

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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