LXP Industrial JV Lands $376M for National Portfolio

August 13, 2025

The loan refinances a 20-property collection spread across 11 states.

Exterior shot of Bayport South Business Park, a 257,835-square-foot industrial facility in Psadena, Texas. — Among LXP Industrial Trust’s entire Houston portfolio is the 257,835-square-foot Bayport South Business Park. Image courtesy of Yardi Research Data

The joint venture between LXP Industrial Trust and Davidson Kempner Capital Management has obtained a $376 million loan, according to a Fitch Ratings report. The CMBS mortgage is backed by a 20-property, 6.3 million-square-foot industrial collection spread across 11 states. The deal is expected to close on August 27.

Chase Bank and Morgan Stanley Bank co-originated the loan. KeyBank serves as special servicer and Deutsche Bank National Trust Co. as trustee.

The two-year, floating-rate interest-only mortgage agreement three one-year extensions options. Proceeds will go toward repaying an existing debt of $345.5 million, with $15.9 million remaining in equity and $9.8 million assigned for closing costs.

The 20-building collection consists of 11 manufacturing and distribution facilities, four warehouses, three manufacturing, distribution and warehouse properties and two cold storage buildings.

The largest part of the portfolio is spread across Kentucky, with five industrial buildings totaling 1.7 million square feet. Another two properties totaling 442,275 square feet are located in Alabama, while the Texas footprint includes two properties encompassing 449,895 square feet. Meanwhile, the metro areas with the most allocated loan amount in the portfolio include Houston, Chicago and Columbus, Ga.

As of June, LXP Industrial Trust’s portfolio consisted of 56.4 million square feet spread across 116 properties. LXP partnered with Davidson Kempner Capital Management in 2022, when the company recapitalized a $550 million industrial portfolio consisting of 22 properties totaling 6.7 million square feet. At the time, the firm retained a 20 percent interest in the venture.

Recent industrial refinancing deals

LXP’s deal came on the heels of TPG Real Estate’s $407.5 million refinancing agreement. The loan is backed by a 50-property industrial portfolio and one land parcel totaling 3.7 million square feet. TPG’s industrial collection is spread across five states and six markets.

Also this month, Blackstone landed a nearly $1.4 billion loan to refinance a 67-property portfolio totaling approximately 9.7 million square feet. The properties, acquired between 2020 and 2022 by a mix of Blackstone-owned entities, are currently managed by Link Logistics.