JLL arranges $125M refinancing for OVB Indianapolis Industrial Portfolio

CHICAGO, March 16, 2026 – JLL Capital Markets announced today it has secured $125 million in refinancing for a collection of eight industrial properties totaling nearly 3.9 million square feet surrounding Indianapolis International Airport.

JLL worked on behalf of the borrower, OVB Indianapolis Industrial LLC, a joint venture between Biynah Industrial Partners and Olympus Ventures, to secure a five-year, hybrid loan through PPM America, Inc.

The OVB Indianapolis Industrial Portfolio consists of properties ranging from 280,000 to 1.34 million square feet, strategically positioned southwest of downtown Indianapolis with direct access to five major interstates. The portfolio is 92.7% occupied and features a weighted average lease term of 3.5 years. Tenants span a diverse range of industries including e-commerce, logistics, federal government operations, manufacturing, retail distribution and electronics recycling sectors, with investment-grade tenants representing 52.8% of net rentable area (NRA).

The buildings feature clear heights ranging from 28 to 32 feet, with extensive dock and drive-in-door configurations supporting diverse logistics and distribution operations. The properties have been institutionally owned and maintained, offering modern amenities such as fully conditioned warehouses, recent capital improvements, and proximity to multimodal transportation options including rail and air cargo facilities.

The portfolio benefits from Indianapolis' position as the "Crossroads of America," where four major interstates converge to provide access to 50% of the U.S. population within a single day's drive. The properties' proximity to Indianapolis International Airport, home to the world's second-largest FedEx hub, enhances their appeal for logistics and distribution operations. The airport processes over one million tons of cargo annually through approximately 180 daily flights connecting more than 200 countries.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Matthew Schoenfeldt and Ken Martin, Managing Director Lucas Borges and Senior Analysts Christian Johnston and Emma Berner.

"The competitive interest rate achieved on this transaction reflect exceptional lender depth for high-quality Indianapolis industrial assets," Borges said. "Strong sponsorship, investment-grade tenant composition and the portfolio's position within a premier logistics corridor combined to deliver bottom-of-the-barrel credit spreads."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Biynah Industrial Partners, LLC (BIP) is a Minneapolis-based private equity firm founded in 2009 that exclusively focuses on making direct investments in industrial real estate located throughout the United StatesFor more information visit bipmgmt.com.

Established in 2000, Olympus Ventures is the family office for Richard M. Schulze, the founder of Best Buy.  With offices in Minnesota and Florida, the company maintains a full-service platform with in-house capabilities across acquisitions, asset management, capital markets, and development with a proven 25-year track record in real estate investment.  The real estate portfolio spans across the US in multiple asset classes with major asset concentrations including industrial, multifamily, medical outpatient buildings, and self-storage.

Our mission is to be seen by clients and their advisors as a consistently reliable partner to help them achieve their long-term value goals.

PPM is a US-based institutional asset manager with $93.73 billion in assets under management as of December 31, 2025. Established in Chicago in 1990, PPM exists to consistently support institutional clients in achieving their long-term value goals. We offer our mentality of hard work, straight talk, full transparency and humility. Our success is supported by a team-based culture that encourages debate, collaboration and consistency. At the center of our belief is the fact that our best ideas to date have and can come from any team member anywhere in our firm. We believe the success of our investment culture is best demonstrated by the strong retention of our clients and investment professionals.