JLL Capital Markets announced today that it has arranged a $38 million refinancing for a 15-building, industrial-flex portfolio located in St. Rose, Louisiana.
JLL worked on behalf of the borrower, Briar Meads Capital, to secure the 10-year, fixed-rate CMBS loan through Starwood Mortgage Capital.
The portfolio comprises 13 logistics assets and two office assets totaling nearly 600,000 square feet within the James Business Park. The properties are home to a diverse roster of more than 50 tenants with an average tenant size of approximately 10,000 square feet.
The portfolio benefits from a strategic location proximate to transportation routes in New Orleans, including the Louis Armstrong New Orleans International Airport, The Port of New Orleans, Interstate 10, and U.S. 61 and 90.
JLL’s Capital Markets team representing the borrower was led by Managing Director Peter Rotchford and Associate Mitchell Kaliner.
“Given the supply constrained nature of the New Orleans market and the fact that it does not make much economic sense to build new industrial-flex product due to prohibitive construction costs, the portfolio has seen strong demand for space,” said Rotchford.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.