JLL arranges $718.2MM of total financing for Equus Capital Partners' Phoenix industrial portfolio

• JLL Capital Markets arranged $718.2 million to refinance Equus Capital Partners' Project Pegasus Industrial Portfolio, which comprises 52 properties totaling 5.2 million square feet across Phoenix

• The financing package includes a $527.1 million SASB execution with Morgan Stanley as lead left and Bank of America as right lead, plus a $191.1 million balance sheet loan held by Bank of America

• This transaction represents one of the largest industrial portfolio financings in the Phoenix market

PHOENIX, Oct. 14, 2026 – JLL Capital Markets announced today it has arranged $718.2 million in financing for Project Pegasus Industrial Portfolio, a 52-property shallow bay industrial portfolio totaling 5.2 million square feet strategically positioned across infill submarkets throughout the Phoenix metropolitan area.

JLL worked on behalf of the borrower, affiliates of Equus Capital Partners Ltd., to secure a five-year, floating-rate financing package, which includes a $527.1 million SASB execution with Morgan Stanley as lead left and Bank of America as right lead, along with a $191.1 million balance sheet component through Bank of America.

The portfolio comprises 52 light industrial properties totaling 5.2 million square feet and approximately 1,260 suites located throughout the West Valley North, West Valley South, Airport, Deer Valley, Chandler, Mesa and Tempe submarkets. At closing, the portfolio was 92% leased to a highly diversified tenant base spanning manufacturing, logistics, distribution, construction, machinery, professional services, consumer products and technology industries. No tenant represented more than a small portion of the portfolio's rental revenue, providing significant income diversification.

The properties feature highly functional shallow-bay industrial configurations designed to serve small and midsize businesses. The portfolio includes buildings ranging from approximately 29,000 square feet to nearly 259,000 square feet, with an average building size approaching 100,000 square feet. Property specifications include clear heights averaging 20 feet, flexible suite layouts, loading capabilities and infill locations that enable tenants to serve customers throughout the Phoenix metro area. The portfolio's average vintage is 1992, with assets spanning both established business parks and newer industrial developments constructed as recently as 2019.

Project Pegasus benefits from strategic positioning near Phoenix's major transportation infrastructure, including Interstates 10 and 17, U.S. Route 60 and the Loop 101, Loop 202 and Loop 303 freeway systems. The portfolio also offers convenient access to Phoenix Sky Harbor International Airport, Phoenix-Mesa Gateway Airport and key regional distribution corridors connecting Southern California, Nevada, Utah, Colorado and Texas. These transportation advantages support a broad range of industrial users seeking efficient last-mile distribution, service-oriented operations and regional logistics capabilities.

The JLL Capital Markets team was led by President Kevin MacKenzie and Senior Director Jason Carlos, along with Associate Frank Choumas.

"This transaction reflects the outstanding strength of Equus, the quality of this portfolio and their operational strategy," MacKenzie said. "The debt markets continue to present a deep pool of capital for well-sponsored, institutional-quality industrial portfolios, particularly in highly favorable markets like Phoenix."

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 112,000 as of June 30, 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.

Equus Capital Partners is a national real estate investment manager and developer with over 40 years of investment experience. Equus’ diversified portfolio consists of industrial, multi-family, and office properties located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Marina Del Rey, Scottsdale, Washington D.C., Atlanta, Raleigh-Durham, and South Florida.