PGIM Real Estate has provided a $78 million fixed-rate loan for refinancing a four-asset industrial portfolio in Baltimore. The loan was provided to a joint venture between AEW Capital Management and NorthPoint Development. These newly constructed assets, located at 1747, 1701, 1713, and 1600 E Patapsco Ave, span over 830,000 square feet and are primarily leased to investment-grade credit tenants with a weighted average lease term exceeding seven years. 

“Baltimore’s industrial market continues to benefit from strong fundamentals, including its proximity to major city centers and access to nearby shipping ports which have reopened,” said Tom Goodsite, managing director at PGIM Real Estate who led the financing. “We are excited to have the opportunity to lend to a trusted partner and help them to continue to provide high-quality industrial space to serve tenant demand through creative redevelopment of this previous chemical manufacturing location, adjacent to the harbor.”