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PGIM Real Estate Provides $98M for 7-Property Industrial Portfolio
PGIM Real Estate has provided a $98.3 million floating-rate loan for a seven-asset industrial portfolio through its core-plus lending strategy. The portfolio, spanning 1.45 million square feet, includes properties in Chicago, Atlanta, Boston, and Bergen County, NJ. The loan will finance capital improvements and lease-up efforts for three properties.
“This multi-state portfolio spans a number of the country’s most desirable industrial markets that benefit from key drivers of tenant demand,” said Michelle Liu, executive director at PGIM Real Estate, who led the financing on the firm’s behalf. “As overall demand remains strong for well-located and high-quality industrial buildings, this bridge financing positions the borrower to implement strategic capital improvements to their properties and maintain a best-in-class experience for their tenants.”
PGIM Real Estate, part of PGIM, manages $210 billion in real estate investments and financing, including a $129 billion debt portfolio.
- ◦Financing
