Wells Fargo & Co. has announced the funding of a $514 million syndicated five-year senior secured term loan to affiliates of Blackstone Real Estate Advisors for the acquisition of a geographically diversified portfolio of 182 properties in 28 distinct markets. The transaction was coordinated amongst the lending teams within the Northeast Division of the Wells Fargo Real Estate Banking Group.
The portfolio was acquired from ProLogis and comprised approximately 23.2 million square feet located across 19 states and 28 markets. The 182 industrial assets, primarily used for the warehousing and transportation trades, are leased to over 500 tenants.
‘We're proud to be a part of a large transaction like this one,’ says Chip Fedalen, executive vice president and head of the Wells Fargo Real Estate Banking Group. ‘Wells Fargo has a long history in the commercial real estate sector, and we continue to actively seek financing opportunities for attractive real estate assets with good quality sponsors.’
According to the Mortgage Bankers Association's Commercial Real Estate / Multifamily Finance Firms Annual Origination Rankings for 2009, Wells Fargo originated more transactions involving industrial properties last year nationwide than any other firm in the U.S.
SOURCE: Wells Fargo