Fundrise Obtains $125M Refi on 4 SW Warehouse Assets

Fundrise has obtained $125 million in financing a four-property industrial portfolio, with two of the properties located in the Phoenix area. All of the properties were single-tenant warehouse and distribution assets. The portfolio is 95% leased to third-party logistics and support. The other properties are located in Dallas and Las Vegas.

The portfolio consists of two projects in the Phoenix Metro, including Cubes at Glendale in Litchfield and 8123 South Hardy in Tempe. The remaining two projects include I-215 Interchange in Las Vegas and 4653 Nall Road in Farmers Branch, TX.

The borrower was represented in the refinancing transaction by a Cushman & Wakefield Equity, Debt & Structured Finance team led by Rob Rubano. Franklin BSP Realty Trust provided the loan.

The portfolio’s two largest assets (Cubes at Glendale and I-215 Interchange) are newly constructed, state-of-the-art industrial buildings that were recently acquired as vacant forward-sales, which Fundrise successfully leased up during its ownership. The other two assets underwent a strategic repositioning by Fundrise.