Faropoint, a real estate investment firm based in Hoboken, NJ, has recently obtained a $150 million acquisition line from a leading U.S. financial institution for its Industrial Sale-Leaseback (ISLB) Fund. This is the second loan facility provided by this institution to Faropoint, following an initial $130 million facility for Fund II.
The ISLB Fund was launched earlier this year with a target of $300 million and focuses on last-mile industrial properties. Its goal is to take advantage of the debt gap created as local and regional U.S. banks decrease their exposure to commercial real estate.
According to CFO Idan Tzur, “This new acquisition line of $150 million from our financial partner demonstrates the strength of our ISLB strategy and our ability to identify and execute on attractive opportunities in the last-mile industrial sector.” He also expressed satisfaction with expanding their relationship with such a trusted institution whose expertise and financial stability align perfectly with Faropoint’s growth objectives during these challenging times in credit markets.
This news was originally published by Connect CRE.
