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Fortress Closes on $708M Industrial Outdoor Storage Portfolio
Fortress Investment Group has completed two industrial outdoor storage (IOS) refinancings totaling $708 million. The transactions included a $493 million first-of-its-kind single-asset, single-borrower CMBS loan, in addition to a $215 million balance sheet loan.
The refinancing deals, led by Deutsche Bank, consisted of a $493 million first-of-its-kind single-asset, single-borrower CMBS loan and a $215 million balance sheet loan. Advisors on the transactions included Eastdil Secured, Sidley Austin, Allen Matkins, and Gibson Dunn.
The CMBS loan is collateralized by a portfolio of 41 properties on the West Coast—32 in California, eight in Seattle and one in Portland—representing a total of 1.9 million square feet of building space on 142 acres of land. That portfolio’s appraised value is approximately $740M.
“Our SASB transaction, and the pricing transparency that it provides, affirms that IOS assets are treated very similarly to traditional industrial buildings from a capital markets perspective,” said Tom Pulley, Fortress Global Head of Real Estate.
