JLL has successfully arranged $463 million in financing for a 13-property portfolio as part of the larger $1.2 billion recapitalization by Manulife Investment Management and Scannell Properties.
Leading the Capital Markets team at JLL were Senior Managing Directors Keith Largay and Ken Martin, along with Associate Tara Hagerty and Analyst Tucker Dixon. The financing was provided by Oxford Properties Group. According to Largay, even in today’s interest rate environment, there is still strong liquidity among lenders for top-tier industrial properties located in thriving distribution markets.
The financed sub-portfolio consists of 13 properties situated across eight major distribution markets throughout the United States. These buildings were primarily developed on a speculative basis and are currently leased at approximately 50 percent occupancy.
In recent news, Manulife Investment Management joined forces with Scannell Properties and StepStone Real Estate to form a partnership worth $1.2 billion that will facilitate the recapitalization of 35 newly constructed Class A industrial assets spanning over 10 million square feet across various U.S. markets.
