JLL’s Capital Markets division successfully secured a $577.625-million CMBS single-borrower financing for LBA Logistics Value Fund VII Industrial Portfolio. The portfolio consists of 25 industrial properties spanning across 10 states, totaling 7,040,030 square feet and featuring prime locations like Orlando and Los Angeles.
The JLL team responsible for this achievement was led by Kevin MacKenzie, Brian Torp and Christopher Pratt. They worked on behalf of LBA Logistics to secure a floating-rate loan with a five-year term (with possible extensions) through a syndicate led by JPMorgan. Bank of America and Wells Fargo also served as joint bookrunners in the process. The final pricing was approximately 195 basis points over SOFR.
According to MacKenzie: “This is the lowest pricing we have seen for an industrial SASB since March – which speaks volumes about the strength of our sponsor, portfolio and strategy.” He further explained that their patience throughout the process paid off as they were significantly oversubscribed due to proper timing in marketing efforts – resulting in tighter spreads across all levels within capital stack; indicating high demand within current market conditions.
