SomeraRoad Secures $525M to Refinance Net Lease Portfolio
The fully-leased portfolio encompasses 50 industrial properties across 27 states.
NEW YORK, NY – Commercial real estate investment and development firm, SomeraRoad has obtained a $525 million loan for the refinancing of a portfolio of 50 net-leased industrial properties.
The national portfolio totals 6.8 million square feet of space, spanning 40 unique markets across 27 states.
The portfolio is fully-leased with a weighted average lease term of nearly 13 years. The single-tenant assets are net-leased to a diverse mix of 35 companies that serve various industries. Each tenant has made significant capital investments in the properties.
The properties are all located near high-traffic public infrastructure.
Newmark arranged the loan from Bank of Montreal on behalf of SomeraRoad. Leveraging local licensees, the Newmark team was led by Jordan Roeschlaub and Dustin Stolly, along with Chris Kramer, Nick Scribani and Jake Neeb.
“It is remarkable what the SomeraRoad team has been able to accomplish, aggregating and scaling a strong portfolio and building an impressive net-lease platform in the process,” says Roeschlaub. “The team has compiled a marquee portfolio of industrial properties, acquiring and positioning these assets for success with ingenuity and best-in-class management.”
“SomeraRoad has been highly active in acquiring and expanding its industrial net-lease portfolio,” says Stolly. “The diversity and mission-criticality of the properties, coupled with the continued favorability of the industrial debt market, showed through in this execution.”