PGIM Real Estate, acting on behalf of its core-plus debt strategy, has provided $333 million in floating-rate financing to GLP Capital Partners Inc. (GCP) for the acquisition of three industrial properties in Southern California’s Inland Empire. Earlier this month, PGIM Real Estate also provided a $455-million financing to Alere Property Group for an eight-building industrial portfolio in the same region.
Two separate loans were granted by PGIM Real Estate to GCP: a $175-million loan for newly delivered buildings and another loan worth $158 million for two existing projects.
Trevor Arnholt, VP at PGIM Real Estate who led the financing on behalf of the firm stated that they have strong confidence in the industrial sector and are proud to support GCP’s growing portfolio across Inland Empire. He further added that they have been able to write larger loans as part of their core-plus strategy this year and are excited about continuing this trend.
The article titled “PGIM Lends GLP $333M on Inland Empire Industrial” was originally published by Connect CRE.
