On behalf of its U.S. core-plus debt fund, PGIM Real Estate recently provided a $41 million loan facility to Dalfen Industrial for the acquisition of a three-building class-A industrial portfolio with properties located in the Las Vegas and Chicago metro areas. The loan facility has a three-year term with two one-year extension options.

“We were glad to have the opportunity to work with a best-in-class sponsor to add three high-quality industrial assets to the fund’s portfolio, which will continue to benefit as the sponsor executes its planned marketing and lease-up strategy for the buildings,” said Trevor Arnholt, vice president at PGIM Real Estate who led the loan origination on the firm’s behalf.

Totaling approximately 438,000 square feet, the industrial portfolio includes AirParc South and Suncrest Commerce Center in Henderson, NV, in addition to Butterfield Logistics Center in Aurora, IL.

“This transaction provides our fund with access to a cross-collateralized industrial portfolio with in-place cash flow, institutional-quality assets and locations with strong market fundamentals,” adds Steve Bailey, managing director and senior portfolio manager for PGIM Real Estate’s U.S. core-plus debt fund.