ATLANTA — Invesco Commercial Real Estate Finance Trust Inc., a REIT backed by the real estate arm of Atlanta-based global investment manager Invesco (NYSE: IVZ), has provided a $354.6 million loan for the refinancing of a national portfolio of 24 industrial properties totaling roughly 2.4 million square feet.
The borrower was Bridge Logistics Properties, an affiliate of Salt Lake City-based Bridge Investment Group (NYSE: BRDG). Information on tenancy, years of construction and existing lease terms of the portfolio was not disclosed, nor were specific loan terms, outside of the debt being structured with a sub-70 percent loan-to-value ratio.
The portfolio’s locations are scattered across six states, and the geographic breakdown is as follows:
- Six assets in California
- Five properties in Florida
- Five facilities in Texas
- Four assets in New Jersey
- Two properties in New York
- Two facilities in Washington
“This financing aligns with our strategy of originating high-quality, income-generating loans secured by institutional-quality assets in what we consider to be the most liquid markets around the United State and Europe,” says Yorick Starr, managing director of Invesco Real Estate.”
“This loan is complementary to our existing portfolio of moderate leverage loans made to the highest quality institutional sponsors in the industry,” adds Charlie Rose, global head of credit at Invesco Real Estate.
— Taylor Williams