Cushman & Wakefield acted as an advisor to an Ares Management Real Estate fund in securing $475 million in financing for a 4.8-million-square-foot industrial portfolio consisting of 25 buildings across 16 markets and 12 states. The financing, which is backed by floating-rate CMBS single-borrower loans, was provided by a syndicate led by JPMorgan with joint bookrunners Morgan Stanley and Natixis Corporate & Investment Banking.
The team from Cushman & Wakefield’s Equity, Debt and Structured Finance division included Rob Rubano, Gideon Gil, Brian Share, Joe Lieske Ernesto Sanchez,and Lars Weston.
Rubano stated that the collateral for this transaction is of high quality with geographic diversity and potential for increased rental income. He also mentioned that the flexible floating rate financing offers competitive terms to maintain flexibility.
Share added that the SASB market remains strong in debt capital markets in 2024 and this refinancing received significant demand from bond-buyers with competitive spreads being offered.
