PGIM Real Estate has provided $103 million in fixed-rate financing on behalf of its core lending strategy to DRA Advisors for a 35-building industrial portfolio. PGIM Real Estate is the $207.9 billion real estate investment and financing business of PGIM.
The industrial portfolio includes 35 assets totaling 1.2 million square feet located in Camden County, New Jersey, part of the Philadelphia metro area. The property is located across from the Delaware River and between the Betsy Ross and Tacony-Palmyra Bridges. Its location offers the more than 70 tenants leasing space within the portfolio convenient access to major thoroughfares.
"We're excited to continue to build our relationship with DRA Advisors by partnering on this industrial portfolio transaction, which aligns with the focus of PGIM Real Estate's core lending strategy," said Tom Goodsite, managing director at PGIM Real Estate who led the financing on the firm's behalf. "While the real estate market continues to show signs of volatility, we remain bullish on the industrial sector and are committed to lending on high-quality, well-located in-fill assets like those in this portfolio."
