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Boston & New England  + Metro Boston  + Industrial  |  April 22, 2026
Paul Bubny
By: Paul Bubny

Industrial Logistics Properties Trust Prices $1.62B Mortgage Financing

Newton, MA-based Industrial Logistics Properties Trust (ILPT) said Wednesday it has priced $1.62 billion of five-year, interest-only fixed-rate mortgage financing for its consolidated joint venture, Mountain Industrial REIT LLC, or Mountain JV, at an interest rate of 5.71%. The financing proceeds are expected to be used to refinance Mountain JV’s $1.4 billion of floating rate mortgage debt due in March 2027 and $0.2 billion of fixed rate amortizing mortgage debt.

ILPT said the new financing will be secured by the same 90 industrial properties previously pledged as collateral for the floating-rate and amortizing mortgage debt being refinanced. The closing of the financing is expected to occur on or about May 8, 2026.

The financing is being led by Wells Fargo Bank, and is provided together with Citi Real Estate Funding Inc.; Bank of America, UBS AG New York Branch; Morgan Stanley Bank; Bank of Montreal, represented by Sidley Austin LLP. Skadden, Arps, Slate, Meagher & Flom LLP serves as legal counsel to ILPT in this transaction.

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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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