News & Analysis

TIAA-CREF lends $175m to Clarion Fund

TIAA-CREF has provided a $175m fixed-rate loan to Clarion Partners’ Lion Industrial Trust Fund. The 10-year loan will be used to retire the existing debt on a seven-property, five-million-square-foot industrial portfolio that includes two assets in San Bernardino, California; four in Dallas, Texas; and one in Southaven, Mississippi. Constructed between 2001 and 2005, the portfolio […]

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TIAA-CREF has provided a $175m fixed-rate loan to Clarion Partners’ Lion Industrial Trust Fund.

One of four Dallas, TX properties held under the Lion fund
One of four Dallas, TX properties held under the Lion portfolio

The 10-year loan will be used to retire the existing debt on a seven-property, five-million-square-foot industrial portfolio that includes two assets in San Bernardino, California; four in Dallas, Texas; and one in Southaven, Mississippi.

Constructed between 2001 and 2005, the portfolio is 94.1 percent leased.

Lion Industrial Trust Fund is a circa $4.8bn open-end real estate fund specializing in real estate investments in the industrial sector. The fund invests in value-added industrial properties across the US, acquiring, renovating, repositioning and/or redeveloping them.

Clarion offers a range of both open-end and closed-end funds. Investors typically enter and exit the open-end funds, which have an infinite life, on a quarterly basis.

In a separate transaction, TIAA-CREF also provided a long-term, fixed-rate loan to OliverMcMillan for the 181-unit ALOFT multi-housing property in Chicago. That loan amount was not disclosed. An HFF team represented the borrowers.