Michael Arougheti Of Ares Secures $1.5 Billion Loan For Industrial Portfolio With Chad Pike Of Makarora

The asset involved is an industrial portfolio located in the United States, encompassing a total square footage of 32,100,000. A loan amount of $1,500,000,000 has been secured, structured as a two-year term with three one-year extension options, and requires interest-only payments.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $1,500,000,000
• Lender: Citi Real Estate, Goldman Sachs, and Morgan Stanley
• Landlord: Michael Arougheti - Ares; Chad Pike - Makarora
• Loan Terms: two-year term with three one-year extension options and requires interest-only payments
• Secured by: 145 industrial properties across 11 states
• Pricing: 1.70 percent over SOFR

Michael Arougheti of Ares and Chad Pike of Makarora are involved in the refinancing of a $2.1 billion acquisition of Plymouth Industrial. They are set to replace balance-sheet debt through this nearly $1.5 billion CMBS loan, having previously contributed $660 million in equity.