NEW YORK CITY—KTR Capital Partners has secured a $142 millionloan for a 4.3 million-square-foot portfolio of industrialproperties located in Georgia, Nevada and Texas. Arranged by CBRE'sVal Achtemeier, EVP and provided by Prudential Mortgage CapitalCorp., the senior loan features a 65% fixed rate portion of $92.3million and 35% floating rate portion of $49.7 million.
The loan—provided to KTR affiliate KTR Industrial FundIII—features blended pricing with a five-year term as well asfull-term interest only. The newly financed industrial portfolioconsists of 16 institutional quality buildings across Georgia,Texas and Nevada. The portfolio is 87% leased and represents acritical mass of industrial warehouse and distribution facilitiesthat CBRE describes as “highly functional.” The portfolio providesgeographic and tenant diversification, functional layouts, strongdynamics and a manageable lease maturity schedule, according to theservices firm.
“The KTR industrial portfolio loan was a 'win-win' for both KTRand Prudential,” says Achtemeier. “The fixed/floating combinationwith the full interest-only structure provided the borrower desiredflexibility and a very attractive blended interest rate, whilePrudential was able to expand its industrial exposure through alarge loan with scale, excellent sponsorship, diversification andsolid economic metrics."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
