Logistics Property Co. Obtains $66M Refinance Loan For Palatine And Aurora Industrial Properties

Logistics Property Co. (LPC) has obtained a $66 million refinancing loan from PGIM Real Estate for its Palatine 90 Logistics Center in Palatine, Illinois, and the property at 2800 W. Diehl Road in Aurora, Illinois. These strategically located, best-in-class industrial developments in the thriving Chicago market will benefit from the loan, which will cover construction debt, closing costs, and return capital to LPC.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $66,000,000
• Address: 975 West Algonquin Road & 2800 West Diehl Road
• Market: Palatine & Aurora
• Square Footage: 760,629 SF
• Lender: PGIM Real Estate
• Lender's Representative: Craig Foreman
• Landlord: Logistics Property Co.
• Landlord's Representative: James G. Martell

The loan obtained from PGIM Real Estate for the Palatine 90 Logistics Center and the property at 2800 W. Diehl Road was facilitated by Craig Foreman, representing the lender. James G. Martell, the landlord's representative from Logistics Property Co., played a crucial role in securing the refinancing. This deal underscores the financial support provided to LPC's industrial developments by PGIM Real Estate and highlights the trust and confidence between the parties involved.