TIAA funds $193m loan on Sunbelt, Mid-Atlantic industrial portfolio via JLL 

The sponsor, Adler Real Estate Partners, will use the five-year, fixed-rate loan to recap a nine-property portfolio. 

TIAA Bank has provided $193 million in permanent financing for a nine-property light industrial portfolio spanning high-growth markets in the Sunbelt and Mid-Atlantic on behalf of Miami-based Adler Real Estate Partners. JLL arranged the five-year, fixed-rate loan.

The loan is notable because it was arranged a time when it is difficult for sponsors to achieve financings, particularly large-scale loans of more than $100 million from a single source, said Melissa Rose, who helped arrange the financing on behalf of Adler.

“The recapitalization of this portfolio was very important for our firm in order to achieve a win for investors,” added Matthew Adler, founder and managing principal of Adler Real Estate Partners.

Situated in infill locations in South Florida, Texas, North Carolina, Alabama and Maryland, the 1.7 million square feet portfolio comprises of 145 tenants across 17 different industry categories – including technology, medical supplies, healthcare, aeronautics, consumer goods and construction/materials.

The properties are in infill locations which provide direct access to transportation and infrastructure. The lender structured a flexible pre-payment schedule, noted Lauren Ervin, a vice president at TIAA Bank.

Rose worked alongside Chris Drew and Christopher Gathman at JLL. “The ability to secure accretive financing in this turbulent capital markets environment is a testament to Adler Real Estate Partners brand name as well as the quality of the assets included in the collateral,” said Drew.