Newmark has arranged a $525-million loan on behalf of SomeraRoad for the refinancing of a 50-asset, 6.8-million-square-foot, 100-percent net-leased industrial portfolio, located in markets throughout the U.S. The Newmark team was led by Jordan Roeschlaub and Dustin Stolly, along with Chris Kramer, Nick Scribani and Jake Neeb. The loan was provided by Bank of Montreal.
The portfolio comprises 50 single-tenant assets, spanning 27 states and 40 unique markets, net-leased to an array of 35 companies using their space for a mission-critical functionality. Fully leased with a weighted average lease term of nearly 13 years, the portfolio is diversified in both its geography and the industries in which its tenants operate. The wide range of tenant businesses enhances the portfolio’s credit profile, with that economic diversity further supported by the tenants’ balance sheets and creditworthiness.
The properties are positioned in proximity to highly-trafficked public infrastructure, making each asset critical to the established manufacturing and distribution operations of their tenants. Each site received recent capital investment made by the tenants, ensuring each property is well suited for its respective use, with a portion of the greater portfolio constructed in the last decade.