Investment manager has provided a $244m (鈧�223m) loan to refinance a portfolio of 10 warehouse and distribution facilities in Midwestern US owned by an Ares-managed real estate fund and NorthPoint Development.
The 6.4m sqft portfolio in Logistics Park Kansas City, Edgerton, Kansas, was developed between 2014 and 2017. The portfolio of 10 properties is currently 93% leased.
Steve Murray, managing director at Barings, said: 鈥淲e are excited to continue our partnership with Ares and NorthPoint Development for the refinancing of these class-A facilities in a strong industrial market.
鈥淭his opportunity is closely aligned with Barings鈥� real estate debt strategy, focused on investing in high-quality real estate in dynamic markets, backed by experienced sponsorship.鈥�
Daniel Hedgepeth, director at Barings, said: 鈥淭hese assets are uniquely positioned to benefit from Kansas City鈥檚 healthy market fundamentals with the strategic location in NorthPoint鈥檚 world-class inland port.鈥�
The transaction expands Barings鈥� $28.4bn-plus real estate debt platform which focuses on providing loans secured by 鈥渋nstitutional-quality鈥� commercial properties.
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