JLL’s Capital Markets division successfully secured a CMBS single-borrower financing of $577.625 million for LBA Logistics Value Fund VII Industrial Portfolio. The portfolio consists of 25 industrial properties spanning 10 states, totaling 7,040,030 square feet and featuring prime locations like Orlando and Los Angeles.
The JLL team responsible for this transaction was led by Kevin MacKenzie, Brian Torp and Christopher Pratt. They worked on behalf of LBA Logistics to secure a five-year floating-rate loan with the option for extensions through a syndicate led by JPMorgan. Bank of America and Wells Fargo also served as joint bookrunners in the deal. The final pricing was approximately 195 basis points over SOFR.
According to MacKenzie, “This is the lowest pricing we’ve seen for a floating-rate industrial SASB since March – which speaks volumes about the strength of both our sponsor’s strategy as well as their portfolio.” He further explained that their patience throughout the process paid off when they were significantly oversubscribed due to strong demand in today’s market.
Overall, this successful financing arrangement showcases JLL’s expertise in navigating complex deals while securing favorable terms for their clients’ portfolios.
