Chicago-Based JLL Team Arranges Financing for 17-State Industrial Service Portfolio
JLL Capital Markets arranged $61 million in acquisition financing for an industrial portfolio comprising nearly two-dozen last-mile, cross-dock truck terminals and transload properties across 17 key markets in the Southeast, Mid-Atlantic, New England and Central U.S. Chicago-based Matthew Schoenfedlt and Lucas Borges worked on behalf of the borrower, Minneapolis-based Biynah Industrial Partners, to source the acquisition loan.
The portfolio is 93% leased to 18 tenants with an average tenure of nearly 17 years and substantial investment-grade in-place tenancy. This portfolio highlights the growing demand for industrial service facilities, a rapidly growing multibillion-dollar asset class that is suddenly on the radar of institutional investors, due to the facilities’ critical role in the movement of goods amidst supply chain backlogs.
“This was a unique portfolio,” said Jeff Josephs, managing member of Biynah. “Matt and Lucas found the ideal partner for us on the debt side that made the acquisition seamless.”
- ◦Sale/Acquisition
- ◦Financing
