Apollo Refis Last-Mile Portfolio With $113M Loan

Deal for Faropoint’s industrial portfolio on top of a $94.5 million refi in. October includes two South Florida assets.

reprints


Industrial investment firm Faropoint has secured a $112.5 million loan to refinance logistics assets across the country totaling 2.97 million square feet that include two West Palm Beach properties, the company announced Tuesday. 

Affiliates of Apollo provided the loan on Farapoint’s 29-property portfolio in the South Florida, Chicago, Cincinnati, Dallas-Fort Worth, New Jersey, Long Island and Philadelphia markets. The fresh round of financing comes on the heels of another $94.5 million loan Apollo supplied in October to refinance 13 last-mile industrial properties.

SEE ALSO: Retail-to-Resi Plans Secure Loan in Los Angeles

“These refinancing deals speak volumes about our strategic vision,” Idan Tzur, chief financial officer at Faropoint, said in a statement. “They allow us to not only diversify our debt strategy but also inject crucial dry powder into our resource pool, enabling us to pursue ripe market opportunities.” 

KeyBank Real Estate Capital’s Joshua Mayers sourced both loans in the role of placement agent.

The two West Palm Beach properties in the Faropoint portfolio include 4390 Westroads Drive and 7970 Central Industrial Boulevard. They are among more than 400 warehouses Faropoint has acquired in the U.S. focused on last-mile logistics assets.

Hoboken, N.J.-based Faropoint amped up its U.S. last-mile expansion efforts three years ago when it closed credit and subscription facilities from KeyBank and Citizens Bank, Commercial Observer first reported at the time.

“The Faropoint team has demonstrated significant in-market acquisition and asset management capabilities and an ability to thoughtfully scale their portfolio of assets through a number of attractive transactions,” Christine Boyd, managing director at Apollo, said in a statement. 

Andrew Coen can be reached at acoen@commercialobserver.com