On behalf of Arden Group, Newmark Knight Frank has arranged a $163 million floating-rate loan for the acquisition and recapitalization of a 12-asset industrial portfolio located in high-growth submarkets throughout the United States.
The Newmark Knight Frank team was led by Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of Debt & Structured Finance, along with Senior Managing Directors Chris Kramer and Nick Scribani and Associate Shervin Tork. Both CIT and BlackRock provided the loan.
Arden Group is acquiring a portfolio of assets from Avistone, spread across San Antonio and Dallas, TX; Atlanta, GA and Columbus, OH, for an undisclosed purchase price. The seller assembled these assets through a series of transactions dating back to June 2014. They will be combined with the two Philadelphia and Charlotte properties already acquired by Arden in the second half of 2018. The new financing will retire the securitized debt on the acquisition targets while paying down the bridge loan on the Philadelphia and Charlotte assets.
“The recapitalized properties are optimally spread across six industrial markets throughout the country and leased to a diverse array of more than 300 tenants across various industries,” remarked Stolly.
“The portfolio is nearly 90% occupied with staggered rollover providing downside protection, ” said Roeschlaub.
Headquartered in Philadelphia with regional offices in New York City and Miami, Arden Group is a privately held, vertically-integrated real estate fund manager, investor and operator that owns and finances properties across the United States. Since the company’s founding in 1989 by Craig Spencer, Arden Group has acquired and/or developed more than $4 billion of properties through joint ventures and discretionary investment funds. Arden Group is focused on investing in and lending to value-add properties located in larger U.S. markets with demonstrated positive demand factors and historic market resiliency.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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