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 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.