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Square Mile Capital Provides $127M Loan on Three-State Industrial Portfolio
New York City-based Square Mile Capital Management LLC originated a $127-million loan secured by a six-property, 1.2-million-square-foot industrial portfolio in Palm Beach, FL, Central Pennsylvania and Northern New Jersey. The loan was made to Dalfen Industrial and an institutional joint venture equity partner, who are acquiring the newly delivered properties from three different sellers.
The financing was arranged by JLL’s Campbell Roach, Chris McColpin and team.
Square Mile principal Eric Cohen said, “Institutional sponsorship along with the vintage and quality of the real estate in supply constrained industrial submarkets made this opportunity very compelling. We are seeing increasing reliance on e-commerce which further drives already surging appetite for last-mile logistics and other industrial space and we expect this diverse portfolio to be the beneficiary of this demand.”
Five of the six assets were built between 2018 and 2021, with the sixth currently under construction. Completion is slated for July 2022.
- ◦Financing
