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Debt & Equity

CIT, BlackRock fund $163M loan for Arden industrial acquisition

Real estate fund manager Arden Group has secured a $163 million loan to fund its acquisition of a 12-asset industrial portfolio.

The floating-rate loan was provided by CIT and BlackRock in a deal brokered by NKF’s Dustin Stolly and Jordan Roeschlaub, along with Chris Kramer, Nick Scribani and Shervin Tork.

Arden Group is acquiring a portfolio of assets from Avistone, spread across San Antonio and Dallas, TX; Atlanta, GA and Columbus, OH, for an undisclosed purchase price.

The seller assembled the assets through a series of transactions dating back to June 2014.

They will be combined with the two Philadelphia and Charlotte properties already acquired by Arden in the second half of 2018.

The new financing will retire the securitized debt on the acquisition targets while paying down the bridge loan on the Philadelphia and Charlotte assets.

“The recapitalized properties are optimally spread across six industrial markets throughout the country and leased to a diverse array of more than 300 tenants across various industries,” remarked Stolly.

“The portfolio is nearly 90 percent occupied with staggered rollover providing downside protection, “ said Roeschlaub.

Headquartered in Philadelphia, Arden is real estate fund manager, investor and operator.

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