PGIM Real Estate, a subsidiary of PGIM, has recently announced the provision of a $98.3 million floating-rate loan for a portfolio consisting of seven industrial properties. This financing is part of their core-plus lending strategy and will be used to fund capital improvements and lease-up efforts for three properties within the 1.45 million square foot portfolio.
According to Michelle Liu, executive director at PGIM Real Estate who led the financing on behalf of the firm, this multi-state portfolio covers highly sought-after industrial markets that are driven by strong tenant demand. With an overall robust demand for well-located and high-quality industrial buildings in these areas, this bridge financing enables borrowers to implement strategic capital improvements and maintain top-notch experiences for their tenants.
With over $210 billion in real estate investments under management including a debt portfolio worth $129 billion, PGIM Real Estate continues to make significant contributions in the industry.
