DALLAS, Nov. 4, 2021 – PGIM Real Estate has provided an $85 million supplemental loan on behalf of its U.S. core strategy to DRA Advisors for its 140-building industrial portfolio that spans the U.S. Sunbelt region. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate provided a 57-month, interest-only, fixed-rate loan for the portfolio supplemental loan to match the maturity of the existing $450 million loan which PGIM closed in June of 2019. The portfolio includes well-located institutional-quality properties across eight major logistics markets. In total, the portfolio consists of 57 industrial developments with 140 buildings, occupied by over 480 unique tenants.
The portfolio comprises a total of 9,847,000 square feet, with its largest concentrations in the Dallas, Houston and Austin markets. The remaining properties are spread throughout the San Antonio, Atlanta, Memphis, and Tampa and Lakeland, Florida markets.
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