SomeraRoad Refis National Net-Leased Portfolio With $525M Loan
SomeraRoad has secured a $525 million loan for the refinancing of a 50-asset, 6.8 million-square-foot, 100 percent net-leased industrial portfolio, located in markets throughout the U.S. The loan was provided by the Bank of Montreal, Commercial Observer has learned.
A Newmark team led by Jordan Roeschlaub and Dustin Stolly, along with Chris Kramer, Nick Scribani and Jake Neeb, arranged the loan on behalf of SomeraRoad.
“This transaction validates SomeraRoad’s ability to build businesses and unique verticals with best-in-class personnel. It will be exciting to watch them continue to scale this strategy and roll out other initiatives,” said Roeschlaub, vice-chairman and co-head of Newmark’s Debt, Equity and Structured Finance Group.
The portfolio consists of 50 single-tenant assets, spanning 27 states and 40 markets — net leased to 35 diverse companies and near highly trafficked public infrastructure. It’s fully leased — with a weighted average lease term of close to 13 years — and is spread across different geographies and industries. Property locations include Detroit, Chicago, Boston and St. Louis.
SomeraRoad and the Bank of Montreal did not immediately respond to requests for comment.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Emily Fu can be reached at efu@commercialobserver.com.
