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Northwestern Mutual And PGIM Refinance $869M Loan On Industrial Properties

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FINANCED
$869,000,000
Ryan Pollack
John Rose
LR

National

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Industrial11,400,000 SF
Financed 10/27/2023
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Property Image
FINANCED

Northwestern Mutual And PGIM Refinance $869M Loan On Industrial Properties

Industrial11,400,000 SF
Financed 10/27/2023
Ryan Pollack
John Rose
LR
the dealplayerscompscontact
Contact now

Summary

Asset Type:Industrial
Price Per Square Foot:$76
Total Square Footage:11,400,000 SF
Transaction Type:Loan

An undisclosed borrower has obtained $869 million in refinancing from Northwestern Mutualand PGIM Real Estate for a fully leased portfolio of 25 industrial properties totaling 11.4 million square feet in 13 U.S. markets. The debt includes fixed-rate deals with $259 million and $195 million from Northwestern Mutual, and $415 million from PGIM, with JLL Capital Markets arranging the financing.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $869,000,000
  • Address: Industrial Properties
  • Market: United States
  • Asset Type: Industrial
  • Square Footage: 11,400,000

The borrower has secured refinancing of $869 million for a fully leased portfolio of 25 industrial properties. Northwestern Mutual provided $259 million and $195 million, while PGIM Real Estate contributed $415 million. The financing was arranged by JLL Capital Markets.

Players

Ryan Pollack
JLL
Ryan Pollack
4 deals$1.8B volume
BROKER
John Rose
JLL
John Rose
9 deals$1.4B volume(469) 232-1905
BROKER
LR
JLL
Luke Rogers
4 deals$1.2B volume
BROKER
Northwestern Mutual
Northwestern Mutual
LENDER
PGIM
PGIM
LENDER

Details

FINANCED
IMAGE: Kevin Westra, Bob Henning, Paul Geyer, John Rose & Ryan Pollack DATE: 10/27/2023 ADDRESS: Industrial Properties MARKET: United States ASSET TYPE: Industrial ~ SF: 11,400,000 LENDER: Northwestern Mutual (@NorthwesternMutual) - Kevin Westra & Bob Henning; PGIM Real Estate (@PGIM) - Paul Geyer BROKERS: John Rose, Luke Rogers & Ryan Pollack (@RyanPollack) - JLL (@JLL) LOAN AMOUNT: $869,000,000 LOAN TYPE: Refinance NOTE: An undisclosed borrower has obtained $869 million in refinancing from Northwestern Mutual and PGIM Real Estate for a fully leased portfolio of 25 industrial properties totaling 11.4 million square feet in 13 U.S. markets. The debt includes fixed-rate deals with $259 million and $195 million from Northwestern Mutual, and $415 million from PGIM, with JLL Capital Markets arranging the financing. #

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$869,000,000.00

Monthly NOI$5,793,333.33
Monthly Debt Service$5,492,671.12
Change in Cash Flow$0.00
Refinance Proceeds$0.00