Hoboken, NJ-based real estate investment firm Faropoint has successfully 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, with the first being a $130-million facility for Fund II.
The ISLB Fund was launched earlier this year with an initial target of $300 million. Its main focus is on last-mile industrial properties and aims to take advantage of the current debt gap created as local and regional U.S. banks decrease their exposure in commercial real estate.
According to CFO Idan Tzur, “This new acquisition line worth $150 million from our financial partner serves as proof of our strong ISLB strategy and our ability to identify and execute attractive opportunities in the last-mile industrial sector.” He also expressed satisfaction at expanding their relationship with such a trusted institution whose expertise and financial strength align perfectly with Faropoint’s growth objectives, especially during these challenging times in terms of credit availability.
