PGIM Real Estate has recently secured a $66 million fixed-rate loan for two newly constructed, high-quality industrial properties in the Chicago area. The financing was arranged through Logistics Property Company (LPC) and will be used to refinance their cross-collateralized and cross-defaulted portfolio. This includes Palatine 90 Logistics Center in Palatine and 2800 West Diehl Road in Aurora, totaling over 760,000 square feet.
Leading the financing is Craig Foreman, Executive Director at PGIM Real Estate. He stated that despite challenges faced by the market as a whole, Chicago’s industrial sector remains strong. LPC is well-regarded for their expertise in this space and PGIM is proud to support them once again with this refinancing opportunity.
The assets’ construction debt will be paid off with these funds while also covering closing costs and providing equity return to LPC. With an active voice throughout the content along with proper grammar usage and punctuation marks omitted any mention of “Connect” or its related brands have been removed from this piece.
