MDH Partners Secures $69M First-Mortgage Portfolio Financing
MDH Partners recently secured $69.3 million first-mortgage financing from Truist Bank for the delayed acquisition financing of a cross-collateralized and cross-defaulted portfolio. The loan portfolio encompasses 1 million square feet of industrial assets across three markets.
This is the first term loan request of MDH Partners’ Fund II, which was raised in first quarter 2021 in a record-setting two months and totals $575 million of discretionary equity. In total, the fund has more than $1.6 billion of buying power.
“Closing this deal with Truist gives MDH Partners the flexibility needed to continue executing our value-add strategy and increasing our footprint across key industrial markets in the United States,” said Arun Singh, chief financial officer at MDH Partners. “The industrial market is incredibly strong, and we will continue to proactively seek investment opportunities that align with our goals and those of our partners.”
The loan portfolio consists of three industrial assets acquired by MDH Partners earlier this year, including 9555 Dry Fork Rd. in Cincinnati, 100 First Ave. in Scranton, PA, and the Goodman Portfolio spread across two properties in Southern Texas. The Cincinnati property is the largest asset and represents 55 percent of the net rentable area.
The locations are ideal for distribution hubs with access to major highways and airports. Each property is 100 percent leased with eight years of WALT and no rollover during the loan term.
The loan is set on a five-year floating rate with initial proceeds of $59.5 million and future funding of $9.7 million.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.