PGIM Real Estate recently announced a $78 million fixed-rate loan for the refinancing of a four-asset industrial portfolio in Baltimore. The joint venture between AEW Capital Management and NorthPoint Development received the loan for their newly constructed assets, located at 1747, 1701, 1713, and 1600 E Patapsco Ave. These properties span over 830,000 square feet and are primarily leased to investment-grade credit tenants with an average lease term of seven years.
According to Tom Goodsite, managing director at PGIM Real Estate who led the financing process: “Baltimore’s industrial market continues to thrive due to its strategic location near major city centers and shipping ports that have reopened.” He also expressed excitement about partnering with a trusted company like AEW Capital Management and aiding them in providing top-notch industrial space through innovative redevelopment of this former chemical manufacturing site near the harbor.
The article “PGIM Provides $78M Refi for Baltimore Industrial Portfolio” was originally published on Connect CRE.
