Darwin Investment Group has completed a $130 million refinancing of an industrial portfolio spanning the greater Chicago area and Southeast Wisconsin. The portfolio comprises 39 industrial buildings totaling more than 2 million square feet and is leased to more than 225 tenants. The assets extend from Chicago’s south suburbs through Southeast Wisconsin, reflecting a broad regional footprint across key Midwestern industrial corridors.
The new financing was provided by a dedicated Middle Market Real Estate team within Wells Fargo Commercial Banking. The loan proceeds recapitalize a multi-building industrial portfolio that had been held in a partnership structure, and the transaction was structured to coincide with a significant ownership transition among the existing stakeholders.
In conjunction with the refinancing, Darwin Investment Group principals George Cibula and Matthew Lewandowski acquired the 49% ownership interest previously held by their partners. This acquisition increased their collective stake in the 39-building portfolio to 100% ownership. The consolidation shifts full control of the portfolio to the two principals while maintaining continuity of ownership under the Darwin Investment Group platform.
The refinancing and ownership consolidation were facilitated on behalf of Darwin Investment Group by an internal team led by principal Matthew Lewandowski, along with Erin Cibula and Patricia Liston. This group worked closely with Wells Fargo Commercial Banking’s Middle Market Real Estate team to coordinate both the capital structure and the transfer of the minority ownership interest.
Wells Fargo’s deal team was led by Commercial Banking Leader Paul Mokhatas, Senior Relationship Manager Anu Agarwal and Portfolio Management Manager Paul Crusen. Their Middle Market Real Estate group provided the financing that supported both the recapitalization of the portfolio and the change in ownership interests among the existing partners.
The portfolio’s assets, located from Chicago’s southern suburbs through Southeast Wisconsin, collectively serve a tenant base of more than 225 industrial users. While specific lease terms and tenant names were not disclosed, the scale of the portfolio and the number of occupants underscore the portfolio’s role as a sizable multi-tenant industrial platform in the region.
Additional financial terms of the refinancing, including loan maturity, interest rate structure, amortization and any potential cash-out proceeds, were not disclosed. The specific uses of the refinancing proceeds beyond facilitating the ownership consolidation were also not detailed. However, the completed transaction confirms that Darwin Investment Group has secured new debt capital for the portfolio and that its principals now hold full ownership of the 39-building industrial portfolio across greater Chicago and Southeast Wisconsin.
