PGIM Real Estate has recently secured a $66 million fixed-rate loan for two newly constructed, Class A industrial properties in the Chicago area. The loan was granted to Logistics Property Company (LPC) as part of their core investment strategy and will be used to refinance the cross-collateralized and cross-defaulted portfolio. With this financing, LPC will pay off construction debt, cover closing costs, and receive equity returns.
The assets included in this deal are Palatine 90 Logistics Center located in Palatine and 2800 West Diehl Road situated in Aurora. Together, these properties offer a combined total of 760,669 square feet of prime industrial space.
Leading the financing efforts at PGIM Real Estate is Executive Director Craig Foreman who stated that Chicago’s industrial market remains robust despite current economic conditions nationwide. He also acknowledged LPC’s reputation as an industry leader within the sector while expressing enthusiasm for supporting their financial needs once again.
This refinancing transaction marks another successful collaboration between PGIM Real Estate and LPC without any mention of “Connect” or “Connect LA” or “Connect Texas”.
