{"id":1004761714,"date":"2025-06-17T04:07:59","date_gmt":"2025-06-17T12:07:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004761714"},"modified":"2025-06-17T04:17:49","modified_gmt":"2025-06-17T12:17:49","slug":"ilpt-secures-1-2b-for-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ilpt-secures-1-2b-for-industrial-portfolio\/","title":{"rendered":"ILPT Secures $1.2B for Industrial Portfolio"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/9860-West-Buckeye-Road.-Image-courtesy-of-CommercialEdge-edited.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004761717\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/9860-west-buckeye-road-image-courtesy-of-commercialedge-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/9860-West-Buckeye-Road.-Image-courtesy-of-CommercialEdge-edited.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"9860 West Buckeye Road. Image courtesy of CommercialEdge\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Class B 9860 West Buckeye Road is part of ILPT&#8217;s more than 100-property industrial portfolio. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/9860-West-Buckeye-Road.-Image-courtesy-of-CommercialEdge-edited.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/9860-West-Buckeye-Road.-Image-courtesy-of-CommercialEdge-edited.jpg\" alt=\"The 288,045 square feet industrial asset at 9860 West Buckeye Road in Tolleson, Ariz. The exterior shot shows a single-story industrial building and its parking lot.\" class=\"wp-image-1004761717\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/9860-West-Buckeye-Road.-Image-courtesy-of-CommercialEdge-edited.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/9860-West-Buckeye-Road.-Image-courtesy-of-CommercialEdge-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/9860-West-Buckeye-Road.-Image-courtesy-of-CommercialEdge-edited.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">The facility at 9860 W. Buckeye Road in Tolleson, Ariz., is one of ILPT&#8217;s properties that benefit from the current refinancing. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Industrial Logistics Properties Trust has landed $1.2 billion in refinancing for a 101-property industrial portfolio located in mainland U.S. and Hawaii. <\/p>\n\n\n\n<p>Bank of America, Citibank, Bank of Montreal, Morgan Stanley Mortgage Capital Holdings, Royal Bank of Canada and UBS AG New York Branch provided the financing. The closing of the five-year, interest-only, fixed-rate mortgage is expected later this month.<\/p>\n\n\n\n<p>The more than 100-asset collection is spread several states, including Arizona, Florida, Utah, Alabama, Maryland, Illinois, Colorado, Nebraska and Ohio, among others. More than half of the properties range between 35,530 and 645,000 square feet.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/naiop-special-report-will-tariffs-tax-cres-industrial-sector\/\">NAIOP Special Report: Will Tariffs Tax CRE\u2019s Industrial Sector?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>ILPT will use the proceeds and $75 million of cash in hand to fully repay the CMBS loan of more than $1.2 billion that had its maturity date set in October 2025. Citibank originated the note in September 2022, with Wilmington Trust as trustee and Berkadia Commercial Mortgage as master servicer, CommercialEdge information shows.<\/p>\n\n\n\n<p>The new loan will reduce the company\u2019s interest expense by decreasing the amount of debt outstanding, as well as convert the owned debt to fixed rates and eliminate interest rate cap requirements for this tranche of debt.<\/p>\n\n\n\n<p>Skadden, Arps, Slate, Meagher &amp; Flom LLP served as legal counsel to ILPT, while Dechert LLP represented the lender.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-industrial-demand-remains-high\">Industrial demand remains high<\/h2>\n\n\n\n<p>Demand for industrial real estate remains high, despite the current uncertainty caused by tariffs, which could lead to an increase in <a href=\"https:\/\/www.commercialsearch.com\/news\/construction-industry-gears-up-for-growth\/\">construction costs<\/a>. <\/p>\n\n\n\n<p>As of April, the national construction pipeline totaled 352.9 million square feet, accounting for 1.7 percent of inventory, according to a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/commercialedge-industrial-report-april-2025\/\">CommercialEdge report<\/a>. National in-place rents for industrial space averaged $8.5 per square foot, rising 6.7 percent over the past 12 months, while the vacancy rate clocked in at 8.8 percent, up 30 basis points month-over-month.<\/p>\n\n\n\n<p>Several refinancing deals recently closed in the sector. A few days ago, a Bridge Investment Group subsidiary obtained $354.6 million from Invesco Commercial Real Estate Finance Trust Inc. to refinance a <a href=\"https:\/\/www.commercialsearch.com\/news\/bridge-logistics-secures-355m-portfolio-refi\/\">2.5 million-square-foot portfolio<\/a> of industrial assets.<\/p>\n\n\n\n<p>And last week, GFH Partners and Scannell Properties refinanced a <a href=\"https:\/\/www.commercialsearch.com\/news\/gfh-partners-scannell-properties-land-250m-portfolio-refi\/\">2.3 million-square-foot industrial portfolio<\/a> in seven U.S. states with a $250 million single-asset, single-borrower CMBS loan. Barclays led the lending syndicate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The collection includes more than 100 properties spread across the U.S.<\/p>\n","protected":false},"author":2829,"featured_media":1004761717,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21748,23891,21742],"tags":[33250,47879,33457,47534,32774,52149,36053],"class_list":["post-1004761714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-industrial","category-national","category-latest","tag-bank-of-america","tag-bank-of-montreal","tag-citibank","tag-industrial-logistics-properties-trust","tag-morgan-stanley","tag-royal-bank-of-canada","tag-ubs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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