$127M in Financing Closes for 37-Property CRE Portfolio
- Jun 18, 2013
It has a little bit of this and a little bit of that, and now it has $127.5 million in financing. A 2.3 million-square-foot portfolio encompassing 37 industrial, office and retail properties in metropolitan Philadelphia and Melbourne, Fla., has landed a three-year loan provided by Natixis Real Estate Capital L.L.C.
The diverse collection of assets is industrial heavy, with 33 warehouse and light industrial facilities, the majority of which are located in the Folcroft East Business Park and Folcroft West Business Park, in Folcroft, Pa., roughly five miles from the Philadelphia International Airport. Additional flex and warehouse buildings are sited in Melbourne, within close proximity of Melbourne International Airport. Rounding out the portfolio are three office buildings and one retail destination. The overall occupancy level of the group of properties is 87.5 percent.
Henderson and Trinity relied on commercial real estate and capital markets services provider HFF to orchestrate the floating-rate loan, which the partners are utilizing to refinance existing debt on the portfolio and consolidate ownership under Wilbur Henderson, who founded the Henderson Group and incorporated it in 1986.
Lenders haven’t been too shy about providing financing for mixed-property portfolios this year, and HFF can attest to that. In January, the firm arranged a $607 million financing package through M&T Realty Capital Corp., Principal Global Investors and Bank of America for a group of office, retail, industrial and multi-family properties totaling more than five million square feet and nearly 3,500 residential units.
And it’s not just real estate services firms that have been orchestrating such deals. This week, mortgage banking concern Newmark Realty Capital, acting on behalf of a private real estate fund, announced that it has placed $148.5 million of financing with one of its correspondent insurance company lenders for a multi-state portfolio of office, neighborhood retail and community retail properties.
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