MDH Partners Secures $947M Refi for Industrial Portfolio

MDH Partners has closed on a $946.8 million refinancing of 59 industrial assets totaling 13.5 million square feet across 15 states. Wells Fargo provided $768.8 million in financing on six loan portfolios, while ACORE Capital issued $160 million for a seventh loan portfolio.

Matthew Ludwig, head of debt capital markets at MDH, said in prepared remarks that the refinancing, which the firm is calling Project Interstellar, involved restructuring nine existing portfolio loans into the seven new loans.

MDH Fund II, a $750 million discretionary fund that includes many of the assets being refinanced, comprises 68 buildings totaling over 14.3 million square feet. That portfolio is currently 94.5 percent occupied, with nearly five years of weighted average lease time remaining.

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Wells Fargo Managing Directors Melissa Frawley and Steve Hinkle, along with ACORE Managing Director Scott Swisher, originated the loans.

MDH’s recent growth

MDH is currently investing in its Fund III, which will total $1.2 billion in discretionary funds. The firm has closed on more than $591 million in properties over the past six months, with an additional $160 million of properties under contract.

Earlier this year, the company bought a 1.6-million-square-foot industrial portfolio from Nuveen for an undisclosed price. The seven properties are spread across metro Dallas, the Inland Empire, Salt Lake City and Nashville, Tenn.

In November 2025, MDH expanded its Texas holdings with the $93 million acquisition of nine Class A light industrial buildings in Houston. That portfolio totals 563,343 square feet.

Earlier the same month, the firm acquired six Sun Belt assets from LBA Logistics. Totaling nearly 1.5 million square feet, the portfolio is fully leased to tenants in the pharmaceutical, aerospace, food and beverage, and household products sectors.