PGIM Real Estate, 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 California’s Inland Empire. PGIM Real Estate is the $210 billion real estate investment and financing business of PGIM.
PGIM Real Estate provided two separate loans to GCP: a $175 million loan on a collection of newly delivered buildings, and a separate $158 million loan on two existing projects.
“PGIM Real Estate has strong conviction in the industrial sector, and we’re proud to support GCP’s growing portfolio across the Inland Empire,” said Trevor Arnholt, vice president at PGIM Real Estate, who led the financing on the firm’s behalf. “As we continue to see depth in the industrial market, especially across greater Los Angeles, PGIM Real Estate is actively providing creative solutions for borrowers in this sector. PGIM Real Estate is committed to remaining active through market cycles, and in this environment, we are seeing larger loan opportunities. Year to date we have enjoyed the ability to write larger loans as part of our core-plus strategy, and we’re excited to continue this trajectory.”