$193M loan secured for refinancing of 9-property light industrial portfolio

MIAMI, Feb. 08, 2023 – JLL Capital Markets announced today that it has arranged $193 million in permanent financing for a nine-property light industrial portfolio totaling 1.7 million square feet located in infill locations in South Florida, Texas, North Carolina, Alabama and Maryland.

JLL worked exclusively on behalf of the borrower, Adler Real Estate Partners, to place the five-year, fixed-rate, non-recourse loan with TIAA Bank.

“The recapitalization of this portfolio was very important for our firm in order to achieve a win for investors, and we were pleased to work with the JLL Capital Markets team and TIAA Bank to close this complex transaction,” said Matthew Adler, Founder and Managing Principal of Adler Real Estate Partners.  

“We always work with clients to create customizable credit solutions to suit their needs, and we’re glad we could help JLL and Adler Real Estate Partners structure a flexible prepayment schedule, structuring the transaction that was designed to meet the specific needs for the Class A sponsorship,” said Lauren Ervin, TIAA Bank’s Vice President.

Located within high-growth markets in the Sunbelt and Mid-Atlantic, the portfolio is comprised of 145 tenants across 17 different industry categories, including technology/IT, medical supplies, healthcare, aeronautics, consumer goods and construction/materials.  Constructed between 1981 and 2001, the well-maintained assets maintain above-market occupancies and consistently outperform the local competition. The portfolio properties’ optimal infill locations, which provide direct access to transportation and infrastructure, added to the strong lender interest in the financing opportunity.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Chris Drew, Managing Director Melissa Rose and Vice President Christopher Gathman.

“The ability to secure accretive financing in this turbulent capital markets environment is a testament to Adler Real Estate Partners brand name as well as the quality of the assets included in the collateral,” said Drew.  

“TIAA Bank provided a seamless execution on a large loan at a time when $100 million and up, single-source capital has become scarce,” added Rose.

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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Adler Real Estate Partners (“AREP”) is a leading, vertically integrated light industrial owner based in Miami, FL. Founded by Matthew Adler in 2012, the firm carries in its DNA the successful 60-year track record of acquiring and operating multi-tenant light-industrial assets of Matthew's legacy family business, the Adler Group. Since entering the fund management business, the current team has deployed and managed four funds while making 37 acquisitions, totaling 6.5M square and with a market value of over $1.2 billion.