PGIM Real Estate has recently closed 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 this loan, which will be used to fund their newly constructed assets located at 1747, 1701, 1713, and 1600 E Patapsco Ave. These properties span over an impressive total of 830,000 square feet and are primarily leased to investment-grade credit tenants with an average lease term exceeding seven years.
According to Tom Goodsite, managing director at PGIM Real Estate who led the financing process: “Baltimore’s industrial market is thriving due to its strategic location near major city centers and shipping ports that have recently reopened.” He added: “We are delighted to partner with such trusted entities as we provide financial support for their creative redevelopment efforts on this former chemical manufacturing site adjacent to the harbor.”
The article “PGIM Provides $78M Refi for Baltimore Industrial Portfolio” was first published on Connect CRE.
