JLL Secures $577.6 Million Loan For LBA Logistics' 25-Property Industrial Portfolio Across 10 States
$577,625,000
$82/SF
Building Size
7,040,030 SF
Asset Type
Industrial
Closing
Sep 30, 2024
AI
The asset involved is LBA Logistics' industrial portfolio consisting of 25 properties totaling 7,040,030 square feet located across various markets including California, New Jersey, Utah, Washington, Florida, Georgia, Nevada, Ohio, Kentucky, and Tennessee. The financing secured for this portfolio amounted to $577,625,000.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $577,625,000
- Loan Amount: $577,625,000
- Loan Terms: five-year floating-rate
- Lender: JP Morgan, Wells Fargo, & Bank of America
- Landlord: LBA Logistics
- Brokers: Brian Torp, Christopher Pratt & Kevin MacKenzie - JLL
This arrangement included a loan led by JPMorgan, with Bank of America and Wells Fargo serving as joint bookrunners. The pricing for this financing was secured at 195 basis points over SOFR. JLL played a crucial role in arranging the CMBS financing for the portfolio.
Players
Market Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93