New York Life Provides $570M Acquisition Loan on Industrial Portfolio
By Andrew Coen October 11, 2024 12:44 pm
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Investment group EQT Exeter has landed $570 million of acquisition financing to purchase 64 infill industrial assets around the U.S., Commercial Observer can first report.
New York Life Real Estate Investors supplied the five-year, fixed-rate loan on EQT Exeter’s newly acquired 64-property industrial portfolio. The transaction marks one of the year’s largest life insurance commercial real estate financings by a single lender, sources familiar with the deal told CO.
The acquisition of the portfolio spanning 6.9 million square feet was executed through a series of transactions in the EQT Exeter Industrial Value Fund VI.
The seller and purchase price information could not be immediately gleaned.
CBRE (CBRE)’s Tom Rugg, Tom Traynor and Mark Finan arranged the financing for the portfolio, which involves 11 of EQT’s target markets including Phoenix, Atlanta, Baltimore and Reno, Nev. The portfolio features more than 160 tenants.
Officials at NewYork Life and EQT Exeter did not immediately return requests for comment. CBRE declined to comment.
Philadelphia-based EQT has been active in the logistics sector of late and this summer acquired a nearly 900,000-square-foot portfolio in the Baltimore Crossroads industrial park for $140.5 million, CO reported at the time.
Andrew Coen can be reached at acoen@commercialobserver.com
