SomeraRoad Refis National Net-Leased Portfolio With $525M Loan

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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. 

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“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 comprises 50 single-tenant assets across 27 states and 40 markets — net-leased to 35 diverse companies and near highly trafficked public infrastructure. Fully leased with a weighted average lease term of nearly 13 years, the portfolio is diversified in both its geography and the industries in which its tenants operate. Property locations include Detroit, Chicago, Boston and St. Louis.

SomeraRoad and the Bank of Montreal did not immediately respond to requests for comment.

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