PGIM Chips in $85M Loan for 140-Building Industrial Portfolio
PGIM Real Estate recently provided an $85 million supplemental loan on behalf of its U.S. core strategy to DRA Advisors for its 140-building industrial portfolio that spans the U.S. Sunbelt region. PGIM Real Estate provided a 57-month interest-only fixed-rate loan for the portfolio supplemental loan to match the maturity of the existing $450 million loan which PGIM closed in June 2019.
The portfolio includes well-located institutional-quality properties across eight major logistics markets. In total, the portfolio consists of 57 industrial developments with 140 buildings occupied by more than 480 tenants.
The portfolio comprises 9.84 million square feet, with its largest concentrations in the Dallas, Houston and Austin markets. The remaining properties are spread throughout the San Antonio, Atlanta, Memphis, and Tampa and Lakeland, FL markets.
“As with most industrial properties, we have continued to see strength in property performance over the past several years, which allowed us to accommodate providing additional proceeds to the borrower on the existing portfolio of assets,” said Tom Goodsite, managing director and the transaction lead for PGIM Real Estate.
PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial Inc.
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.