JLL Represents Scannell Properties, Manulife in $463 Mln Financing of New Industrial Product
Capital markets group JLL arranged $463 million in financing for a 13-property portfolio of investment management firm Manulife and commercial real estate dealer Scannell Properties for recapitalization, on Tuesday.
The company said through Oxford Properties Group, JLL represents the borrowers, Scannell Properties and Manulife to secure financing, including properties located in eight major distribution markets across the United States.
The buildings were built on an intellectual basis and are currently 50% leased, with a strong pipeline of additional leasing, highlighting strong demand from tenants for modern and new construction distribution facilities, the company added.
Keith Largay, senior managing director of JLL stated, “Even in today’s interest rate environment, the lending community remains highly liquid for best-in-class industrial product within strong distribution markets.”
“The execution of the sub-portfolio refinance and broader recapitalization demonstrates capital’s confidence in the fundamentals of the industrial market,” added Ken Martin, senior managing director of JLL.
Nu Suwankosai, head of global credit at Oxford Properties Group stated, “This investment reflects our strategy to focus on larger sized credit opportunities in sectors with strong fundamentals.”
JLL is a real estate and investment management services firm that specializes in commercial property and investment. JLL provides services to buy, build, occupy, and invest in a variety of assets including industrial, commercial, retail, residential, and hotel real estate.
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