JLL secures $621M refinancing for Merritt Properties' Baltimore-Washington industrial portfolio through M&T Bank

NEW YORK CITY, July 21, 2026 – JLL Capital Markets announced today, alongside M&T bank, the successful completion of a $621 million refinancing for a portion of Merritt Properties' Maryland Industrial Portfolio, one of the largest privately owned light industrial portfolios in the Mid-Atlantic.

JLL represented Merritt Properties and its affiliates in arranging the financing, securing a fully underwritten seven-year balance sheet loan through M&T Bank.

The portfolio encompasses 58 properties totaling approximately 6.3 million square feet across the Baltimore-Washington metropolitan area. Strategically located throughout the BWI Corridor, Northwest Baltimore, the I-95 Corridor and Hagerstown, the portfolio serves hundreds of businesses across a diverse range of industries and has demonstrated consistently strong occupancy over more than two decades.

"Our strategy focused on highlighting the portfolio's institutional quality, outstanding operating performance and long-term value," said Travis Anderson, Senior Managing Director, JLL Capital Markets. "The strong response from the lending community reflects continued confidence in high-quality industrial assets backed by experienced ownership and long-standing tenant relationships."

"Strong industrial real estate is foundational to Maryland's economy because it supports the businesses that manufacture, distribute and deliver the goods our communities rely on every day,” said Barbara Simmons, Executive Vice President and Head of Commercial Real Estate at M&T Bank. “We're proud to partner with Merritt Properties and JLL on a financing that not only recognizes the strength of this portfolio but also reflects confidence in Maryland's economic future. At M&T, our goal is to provide capital that helps businesses invest, grow and create lasting opportunities throughout the region."

The JLL Capital Markets Debt Advisory team representing Merritt Properties included Senior Managing Directors Pete Pittroff, Anthony Fertitta and Travis Anderson, Senior Director Evan Parker and Director Christopher Pratt.

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 March 31, 2026. 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.

Established in 1967, Merritt Properties is a privately held commercial real estate company offering a portfolio of more than 21 million square feet of Class A office, flex, warehouse, industrial, retail and build-to-suit properties throughout Maryland, North Carolina, Florida and Virginia. Capabilities include leasing, property development and management, and financing. Merritt Properties is committed to "Creating Homes for Businesses" and providing the highest quality service to its customers. For more information, visit www.merrittproperties.com.

M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information about M&T Bank, visit www.mtb.com.