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JLL Lines Up $320M Recap for Midwest Industrial Portfolio
JLL arranged a $319.6-million recapitalization and $210-million financing for a 33-building, Class A, logistics portfolio totaling 4.1 million square feet in four markets across the Midwest. A JLL Capital Markets team worked on behalf of Becknell Industrial and its joint venture partner to arrange a recapitalization with Starwood REIT, which announced earlier this month that it had acquired the properties.
Becknell will retain its position in the portfolio. Additionally, working on behalf of the new JV partnership between SREIT and Becknell, JLL placed the 10-year, $210 million, fixed-rate CMBS loan with a global investment bank.
Nineteen buildings are in the Chicago metro area, with eight in the Indianapolis area. Three buildings each are in the Columbus and Milwaukee MSAs.
The JLL investment advisory team included Kurt Sarbaugh, Robin Stolberg, Michael Joseph and Dominic Espinosa. The debt placement team representing SREIT included Ken Martin, Alex Witt, Troy Shiley and Nelson Almond.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
