Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has arranged $138 million in refinancing for an industrial portfolio in New Castle, Delaware. The portfolio consists of 14 properties and encompasses 2.2 million square feet. The financing was arranged by James Conley, senior managing director and Neil Campbell, senior director based out of the King of Prussia, PA IPA office.
“E-commerce continues to drive momentum for the industrial sector,” said Conley. “New Castle offers a central location to major thoroughfares along the Mid-Atlantic corridor, making this a highly attractive portfolio.”
“This transaction is a testament to lending enthusiasm for well-positioned logistics and manufacturing facilities,” said Campbell. “The influx of population to the area makes this a stable and appreciating asset.”
The loan was co-originated by Barclays and Citibank, with Barclays as lead bank.