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National   /   January 15, 2021

Paul Bubny
By: Paul Bubny

PGIM Real Estate Furnishes $332M Facility on Industrial Portfolio

PGIM Real Estate provided a $332-million senior loan facility to a partnership between clients of AXA Investment Managers – Real Assets and Cabot Properties for the acquisition of 18 industrial properties located throughout the U.S. Originally part of Cabot Industrial Core Fund L.P., the warehouses were acquired as part of a 27-asset industrial portfolio acquisition last month.

“This portfolio benefits from its location within key infill industrial submarkets that offer convenient access to regional, national, and international distribution pipelines, as well as robust infrastructure and favorable demographics,” said Brett Ulrich, executive director at PGIM Real Estate. Ulrich originated the loan along with executive director Christy Lockridge.

The properties are located in nine major industrial markets. The financing is structured in two tranches with staggered maturities, the first of which is a $132-million loan that matures in six years and the second is a $200-million loan maturing in eight years.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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