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

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.