Barclays, Citi Refi Delaware Industrial Portfolio With $138M Loan

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Harvey Hanna & Associates has landed $138 million in refinancing for an industrial portfolio in New Castle, Del. The portfolio consists of 14 properties and encompasses 2.2 million square feet, Commercial Observer can first report.

The loan was co-originated by Barclays and Citigroup, with Barclays as the lead bank. The financing was arranged by James Conley and Neil Campbell from Institutional Property Advisors, a division of Marcus & Millichap

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“E-commerce continues to drive momentum for the industrial sector,” said Conley, a senior managing director. “New Castle offers a central location to major thoroughfares along the Mid-Atlantic corridor, making this a highly attractive portfolio.”

“This transaction is a testament to lending enthusiasm for well-positioned logistics and manufacturing facilities,” said Campbell, a senior director. “The influx of population to the area makes this a stable and appreciating asset.”

Harvey Hanna & Associates, Barclays and Citi did not immediately respond to a request for comment.

Emily Fu can be reached at efu@commercialobserver.com.