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| Part of six-property industrial portfolio totaling 1.58 million square feet throughout the Sunbelt |
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| Christopher (Chris) Drew |
MIAMI, FL – JLL Capital Markets announced it has arranged $84.3 million in post-acquisition financing for a six-property industrial portfolio totaling 1.58 million square feet throughout the Sunbelt with assets located in Miami, Florida; Atlanta, Georgia; Greensboro, North Carolina; Memphis, Tennessee; and Phoenix, Arizona, markets.
JLL worked on behalf of the borrower, MDH Partners, to place the five-year, floating-rate loan with Wells Fargo Bank, N.A.
The borrower acquired the portfolio properties in separate transactions throughout the year.
The
portfolio comprises two Florida properties, 1350 NW 74th St. in Miami and
3115-3165 Lakewood Ranch Blvd. in Bradenton, along with 5300 Kennedy Rd. in
Forest Park (Atlanta MSA); 404, 420 A&B N. Chimney Rd. in Greensboro; 4565
W. Watkins St. in Phoenix; and 3527-3539, 3543 Lamar Ave. in Memphis.
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| Maxx Carney |
The
well diversified portfolio is home to more than 30 local, regional and national
tenants and located within high-performing industrial markets with robust
tenant demand, demonstrated by limited vacancy rates and substantial 12-month
net absorption.
The JLL Capital Markets Debt Placement team representing the
borrower was led by Senior Managing Director Christopher Drew, Director Maxx
Carney and Associate Reid Carleton, along with Senior Managing
Director Ed Coco and Director Carl Beardsley.
“The portfolio received significant lender interest, which is a
testament to exceptional strength of the sponsorship and the markets’ demand
for industrial financing opportunities,” Drew said. “We are honored to have
advised MDH Partners on this transaction.”
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| Reid Carleton |
“The capitalization of this portfolio is a prime example of how industrial assets and exceptional borrowers continue to command superior interest from debt capital providers in a fragmented capital markets environment,” Carney added.
MDH Partner’s CFO, Arun Singh said, “This new portfolio
enhances MDH’s platform with great tenant diversity, long leases and expanding
MDH’s reach to Central Florida.
"We are delighted with JLL’s financing
execution, especially given uncertain market conditions. We wanted to evaluate
multiple loan structures and were impressed with the final outcome.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
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| Ed Coco |
For more news, videos and research resources on JLL, please visit our newsroom.
About MDH Partners
Founded in 2005 as the successor to a 50-year-old real estate
development company, MDH Partners has
participated in over $4 billion of acquisitions, developments and asset
management.
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| Arun Singh |
In 2019, MDH launched a $350 million closed-end fund targeting industrial and logistics properties in the Southeast and Southwest for its institutional investors.
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| Carl Beardsley |
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.
JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.
JLL is a Fortune 500 company with annual
revenue of $18.0 billion in 2019, operations in over 80 countries and a global
workforce of over 92,000 as of September 30, 2020.
JLL
is the brand name, and a registered trademark, of Jones Lang LaSalle
Incorporated. For further information, visit jll.com.
Contact:
Kimberly
Steele
JLL Senior Associate
Public Relations
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.com
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