TPG to Secure $408M CMBS Loan for Industrial Portfolio

August 12, 2025

Proceeds will be used to refinance or acquire a total of 51 properties.

TPG Real Estate will secure a $407.5 million CMBS loan backed by 50 industrial properties and one land parcel encompassing some 3.7 million square feet of product spread throughout five states and six markets, according to a Fitch Ratings report. The debt represents roughly 68.3 percent of the portfolio’s $596.4 million appraised value.

Goldman Sachs and Bank of America are set to originate the two-year, floating-rate, interest-only note with three one-year extension options. Midland Loan Services and KeyBank will serve as servicer and special servicer, respectively. Computershare Trust Co. is expected to act as trustee. The deal is scheduled to close on August 22.

TPG will utilize the proceeds, together with $56.6 million in equity, for the $298.1 million refinancing of 38 properties it had acquired between 2022 and 2023. The company will also deploy the remaining debt for a $156.2 million, 13-asset portfolio acquisition in Nashville, Tenn. Lastly, the firm will use $1.6 million for outstanding landlord obligations and closing costs.

Market-wise, the largest chunk of rentable square footage—nearly half—is spread throughout Boise, Idaho, followed by Nashville (27.2 percent of square footage) and El Paso, Texas (13.9 percent). The portfolio serves 120 distinct tenants, with no leaseholder occupying more than 4.4 percent of the collection’s square footage.

The properties slated for refinancing were purchased through the company’s Dogwood platform, which was launched in 2019 and has since acquired more than 12 million square feet of industrial product.

TPG had $261.3 billion in global assets under management in June, up 14 percent year-over-year, according to its quarterly report. The firm grew its U.S. industrial footprint by more than 1.8 million square feet during that time, Yardi Research Data shows. Yet, the company also divested nearly 7.9 million square feet of industrial product across the nation during the same period.

CMBS originations overall down, but industrial debt keeps flowing

Boise’s industrial vacancy rate stood at 8.6 percent in June, according to a report by Cushman & Wakefield. The index rose 220 basis points year-over-year, driven by a large glut of industrial deliveries. Moreover, 1 million square feet of such industrial projects are still underway. Meanwhile, average industrial asking rents were $0.88 per square foot in June, down 1.1 percent compared to last year.

Across all asset types throughout the U.S., CMBS loans were down 10 percent in the second quarter compared to the same period of 2024, according to a report by the Mortgage Bankers Association. However, overall industrial loan originations were up 53 percent year-over-year and 102 percent quarter-over-quarter.

Debt appears to flow unobstructed this quarter as well, with Blackstone on track to secure a $1.4 billion refinancing loan for a 67-property industrial portfolio encompassing approximately 9.7 million square feet across 16 markets and 10 states.