Finance Deals of the Week: KKR Provides $220M Industrial Portfolio Refi
By The Editors May 17, 2024 10:00 am
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An active May on the commercial real estate lending front continued this week with three six-figure deals, led by a $220 million refinance provided by KKR (KKR) for a 2.1 million-square-foot industrial portfolio owned by Ares Industrial Real Estate Income Trust. Another large transaction was a $110 million construction loan supplied by QuadReal Property Group on EMP Capita’s planned 246-unit apartment project at a former development site at 870-888 Atlantic Avenue in Flatbush, Brooklyn. Here are the rest of the deals.
| Loan Amount | Lender | Borrower | Address | Property Type | Broker |
|---|---|---|---|---|---|
| $220 million | KKR | Ares Industrial Real Estate Income Trust | Nine-building portfolio | Industrial | N/A |
| $110 million | QuadReal Property Group | EMP Capital | 870-888 Atlantic Avenue; Brooklyn | Multifamily | Walker & Dunlop’s Keith Kurland and Jordan Casella |
| $100 million | Madison Realty Capital and Unity Capital | Kushner Companies | 144 Broadway Place; Long Branch, N.J. | Multifamily | N/A |
| $90 million | Wells Fargo | L+M Fund Management | Knickerbocker Village; Manhattan | Affordable Housing | N/A |
| $55 million | Apollo Asset Management | Neology Development Group | Pier 19 Residences and Marina; Miami | Multifamily | Berkadia’s Charles Foschini, Christopher Apone and Shannon Wilson |
Finance Deals of the Week reflect deals closed or announced from May 13 to May 17. Information on financings can be sent to editorial@commercialobserver.com.
Deals of the Week, Jordan Casella, Keith Kurland, Apollo Global Management, Ares Industrial Real Estate Income Trust, Berkadia, EMP Capital, KKR, Kushner Companies, L+M Fund Management, Madison Realty Capital, Neology Development Group, QuadReal Property Group, Unity Capital, Walker & Dunlop
