JPMorgan Global Alternatives Facilitates $61M Loan for 4-Property Industrial Deal
EverWest Real Estate Investors has acquired properties in New York, Denver, Nashville, and Seattle
EverWest Real Estate Investors, a subsidiary of multinational asset management firm Sagard, received $61.34 million in acquisition financing to secure a four city, 428,000-square-foot industrial portfolio, Commercial Observer has learned.
JPMorgan Chase (JPM) financed the loan using an array of institutional investors in the firm’s Global Alternatives arm. JLL (JLL) Capital Markets’ Brian Dawson, Kaden Eichmeier and Jillian Mariutti arranged the six-year, full-term, interest-only loan.
“Big thanks to the teams at J.P. Morgan Asset Management and JLL for all of their help in getting this financing completed in a challenging financing environment,” said Thomas Karbowski, managing director of EverWest, in a statement.
The four property industrial portfolio stretches out across markets that touch each corner of the country.
Located at 1550 and 1210 E 73rd Avenue in Denver, Colo.; 6335 1st Avenue South in Seattle; 2947 Brick Church Pike in Nashville, Tenn.; and 55-30 46th Street in Maspeth, Queens, the four properties consist of both multi-tenant and single-tenant warehouses, and collectively span nearly 430,000 square feet. The portfolio boasts a 98.3 percent leasing rate, according to JLL.
The properties include 47 dock-high doors, 17 drive-in doors and feature clear heights between 24 feet and 32 feet. The Denver location sits beside the busy I-270 junction with direct access to Denver, Boulder and Aurora, Colo. The Seattle location resides on Highway 509 and is parallel to I-5. The Nashville property is situated between I-65 and I-24, while the New York City location is just off I-278 and I-495.
EverWest specializes in acquisitions, development, property management, and asset management. The Denver-based firm has $5.3 billion assets under management.
Brian Pascus can be reached at email@example.com.