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Boston & New England  + Metro Boston  + Finance  | 
Warehouse at 6380 East Holmes Road in Memphis, TN

ILPT Prices $1.16B Fixed-Rate Mortgage Financing

Newton, MA-based Industrial Logistics Properties Trust (Nasdaq: ILPT) said Monday it had priced $1.16 billion of five-year, interest-only fixed-rate mortgage financing. The new financing is secured by a portfolio of 101 industrial properties located on the U.S. mainland and in Hawaii.

The financing proceeds and $75 million of cash on hand will be used to fully repay $1.235 billion of floating-rate mortgage debt due in October 2025. The new mortgage financing is expected to reduce ILPT’s interest expense by decreasing the amount of debt outstanding, lowering the interest rate to a fixed 6.399% and eliminating the need to purchase future interest rate caps on this tranche of debt.

The financing is provided by Citi Real Estate Funding Inc., Bank of America, Bank of Montreal, Morgan Stanley Mortgage Capital Holdings LLC, Royal Bank of Canada and UBS AG New York Branch, represented by Dechert LLP. Skadden, Arps, Slate, Meagher & Flom LLP serves as legal counsel to ILPT in this transaction.

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Industrial Logistics Properties Trust

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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