Bridge Investment Group's industrial-focused subsidiary is refinancing a national portfolio of 24 assets.
The entity, Bridge Logistics Properties, secured a $354.6 million loan from private creditor Invesco Commercial Real Estate Finance Trust Inc. (INCREF).
The portfolio covers mostly properties on the East Coast, which are located in New Jersey, New York, Florida and New Jersey. However, some of Bridge Logistics' industrial assets supported in the deal are located in California and Washington State. In total, the portfolio spans roughly 2.45 million square feet.
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Bridge Logistics, whose investment strategy focuses on gateway and coastal markets, said that the refinancing will help it continue executing future moves. The company has regional headquarters in Dallas, Atlanta, New Jersey and Los Angeles.
From Invesco's point of view, it noted that the U.S., along with Europe, is among the most "liquid" markets in the world currently.
"With this closing, the INCREF portfolio now totals 61 like kind loans representing over $3.6 billion of loan commitments across the US and Europe," Charlie Rose, president and lead portfolio manager of INCREF and global head of credit for Invesco Real Estate, said in a statement.
"As a sub-70% loan-to-value loan secured by a diversified portfolio of well-leased, cash-flowing infill industrial, this loan is complementary to our existing portfolio of moderate leverage loans made to the highest quality institutional sponsors in the industry."
Generally speaking, on industrial, the sector has faced been pressure with higher vacancies due to supply flooding into the market. In fact, in April, vacancy ticked up by 30 basis points, according to CommercialEdge. However, new development is slowing in most markets, which could lead to the category stabilizing in the coming months, the CRE software firm said.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
