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JLL Arranges $578M CMBS Financing for LBA Logistics
JLL’s Capital Markets group arranged a $577.625-million CMBS single-borrower (SASB) financing for LBA Logistics Value Fund VII Industrial Portfolio. The portfolio comprises 25 industrial properties across 10 states, totaling 7,040,030 square feet and including prime locations such as Orlando and Los Angeles.
A JLL team led by Kevin MacKenzie, Brian Torp and Christopher Pratt. worked on behalf of LBA Logistics to secure the floating-rate loan for a five-year term, inclusive of extensions, through a syndicate led by JPMorgan, with Bank of America and Wells Fargo as joint bookrunners. Final pricing was approximately 195 basius points over SOFR.
“This is the lowest pricing for a floating-rate industrial SASB since March, which is a testament to the strength of the sponsor, portfolio and strategy,” said MacKenzie. “Being patient throughout the process and timing the marketing properly led to being significantly oversubscribed, with spreads tightening across the capital stack, demonstrating the current demand in the market.”
