MetLife Real Estate Investors has provided a $62m acquisition loan to MDH Partners for the purchase of a multi-building industrial portfolio in Memphis, Tennessee, Real Estate Capital has learned.
The five-year loan covers the purchase of 22 buildings spanning 3.1m sq ft, purchased from Belz Enterprises.
“We decided to pursue this portfolio because of the functionality of the buildings, their strong tenant base, and the high standards of construction,” said Jeffrey Small, MDH’s CEO.
The portfolio is currently is 95 percent leased, but MDH plans renovations and has hired Cushman & Wakefield/Commercial Advisors to lead future leasing efforts.
“Our strategy here is twofold: we will implement a significant capital improvement plan to position the assets for the future growth of the local and national economies, and we will embrace the well-established local brokerage community.”
Led by Robert Merck, MetLife Real Estate Investors is one of the largest commercial real estate lenders. The business originated approximately $12.1bn globally in commercial real estate loans in 2014, topping 2013’s $11.5bn and setting a company record. Of the $12.1bn total, $8.6bn were US loans. Gary Otten is managing director and head of Real Estate Debt Strategies for the firm.