JLL closes $180M in financing for Criterion Group and Columbia Pacific Advisors’ national IOS portfolio

NEW YORK CITY, Sept. 15, 2025 – JLL Capital Markets announced today it secured a $180 million refinancing for a 34-property national industrial outdoor storage (IOS) portfolio, spanning 290 acres.

JLL worked on behalf of the borrower, Criterion Group and Columbia Pacific Advisors, to secure a floating-rate, five-year loan through Axos Bank.

The portfolio spans more than 15.4 million square feet and represents best-in-class IOS facilities across key Tier 1 and Tier 2 infill logistics markets in Connecticut, Florida, Georgia, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Tennessee, Texas and Virginia. The locations offer critical access to major highways, rail intermodals, port infrastructure and dense population cores, positioning the sites at the nexus of distribution and last-mile delivery operations.

Industrial outdoor storage sites are characterized as low coverage industrial sites that can be used for a range of industrial purposes, including fleet parking, heavy machinery/construction equipment storage, shipping container storage and more.

The JLL Capital Markets team was led by Christopher Peck and Peter Rotchford. The Criterion Group team was led by Ted Popov and Chris Sullivan, and the Columbia Pacific Advisors team was led by Rebecca Bloom and Pete Aparico.

“This transaction builds upon Axos Bank's existing partnership with Criterion and Columbia Pacific Advisors, facilitating both sponsors' strategic growth initiatives in the industrial outdoor storage space,” said Rotchford. “This transaction supports a portfolio of well-located sites in high-demand logistics corridors, where the fundamentals of tenant demand, limited supply and e-commerce-driven shifts continue to fuel strong investment performance.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. 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^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Since 2002, Criterion has grown deliberately and organically with an eye for overlooked value. With beginnings in the multifamily residential sector of western Queens, NY, Criterion has built a capacity for scale and a diversity of asset types. Today, the Criterion portfolio spans apartment buildings, self-storage facilities, film studios, warehousing, industrial yards and truck parking facilities throughout the continental United States.

Columbia Pacific Advisors (CPA) is a Seattle-based alternative investment manager with over $3.6 billion[1] in assets under management, specializing in real estate, private credit, and opportunistic strategies. Through its dedicated real estate platform, Columbia Pacific Real Estate, the firm has raised more than $1.9 billion in capital commitments and executed over $2.6 billion in real estate projects across the United States, as of Q2 2025.

Since inception, CPA has completed over $10 billion[2] in transactions focused on U.S. real estate, global real estate, debt, opportunistic and hedged investments—including development, acquisition, or investment across all asset types.

[1] Assets Under Management (AUM) as of December 31, 2024. AUM is defined as (i) quarter end NAV for open-end funds, closed-end funds, and separately managed accounts, plus (ii) unfunded capital commitments for funds that intend to call additional capital. Firmwide AUM is rounded to the nearest hundred million and subject to year-end audits.

[2] Transactions include Holiday, Emeritus, and Peverel in which one or more of CPA founders held Chairman, CEO or Board status.

Axos Financial, Inc., with approximately $24.8 billion in consolidated assets as of June 30, 2025, is the holding company for Axos Bank, Axos Clearing LLC, and Axos Invest, Inc. Axos Bank provides consumer and business banking products nationwide through its low-cost distribution channels and affinity partners. Axos Clearing LLC (including its business division Axos Advisor Services), with approximately $39.4 billion of assets under custody and/or administration as of June 30, 2025, and Axos Invest, Inc., provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents, and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.'s common stock is listed on the NYSE under the symbol "AX," and is a component of the Russell 2000® Index, the S&P SmallCap 600® Index, among other indices. For more information regarding Axos Bank, please visit http://www.axosbank.com