Goldman Sachs, TPG Supply $353M Refi for National Industrial Portfolio

Affiliate funds of Fundrise have secured a $352.7 million debt package to refinance 12 industrial assets in the mid-Atlantic and Sun Belt regions, Commercial Observer has learned.

Goldman Sachs and TPG Real Estate Credit provided the loan for the national industrial portfolio encompassing 3.18 million square feet. The properties are located in Hagerstown, Hanover and Jessup, Md.; Springfield and Sterling, Va.; Tampa, Fla; Dallas; Las Vegas; Atlanta; and Phoenix and Tempe, Ariz.

“This financing will enable us to advance our long-term business plan for the industrial portfolio, create value for our investors and capitalize on the strong macro tailwinds in the industrial sector today,” Brandon Jenkins, the COO of Fundrise, said in a statement. 

Fundrise, a Washington, D.C.-based fintech company, has been an active player in the industrial sector since launching in 2012 as an online platform for investors. The investment firm landed a $125 million loan from Franklin BSP Realty Trust to refinance an industrial portfolio in the Southwest U.S, CO first reported at the time. 

JLL arranged the latest transaction with a debt advisory team consisting of Robert Carey, Carl Beardsley, Jason Carlos, Gus Caiola and Patrick Wu. 

The portfolio is leased to tenants across  industries, including third-party logistics, distribution services and technology, according to JLL.

“This portfolio represents a compelling investment opportunity, offering both geographic diversification and strong income stability from a quality tenant roster,” Carey said in a statement. “The strategic locations near major transportation networks, including international airports and key interstate corridors, position these assets to benefit from continued logistics demand.”

Officials at Goldman Sachs did not immediately return a request for comment. TPG Real Estate Credit declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com.