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JLL Arranges $690M Financing on BREIT Industrial Portfolio
A Dallas-based JLL Capital Markets team arranged a $690-million financing on behalf of Blackstone Real Estate Income Trust for a portfolio of 44 net-leased industrial, office and data center properties totaling 6.85 million square feet in high-growth markets nationwide. The team was led by executive managing director Trey Morsbach, managing director Michael Cosby and analysts Bo Beidleman and Ryan Pollack.
JLL placed the two-year, floating-rate, non-recourse loan with Wells Fargo Bank. The financing includes a term loan and a revolving credit facility. Additionally, the New York Agency of Singapore-based United Overseas Bank joined the financing, committing half of the arranged capital post-closing.
The portfolio properties are in 10 states in high-growth, highly connected markets such as Raleigh-Durham and Greensboro, NC; Boston; El Paso; Atlanta; Chicago; Salt Lake City; and Minneapolis. Ranging from warehouse to truck terminal properties, the portfolio is more than 80% leased.
- ◦Financing
