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October 25, 2019
Cadwalader represented a syndicate of lenders led by Morgan Stanley in a $350 million mortgage loan in connection with the refinance by subsidiaries of Industrial Logistics Properties Trust (ILPT) of a portfolio of 11 single-tenant industrial properties located in eight states.
The 10-year loan carries a fixed interest rate, and ILPT said that it expects to use the proceeds to reduce outstanding borrowings under its $750 million unsecured revolving credit facility. The ILPT press release can be found here.
Industrial Logistics Properties Trust is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. ILPT is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.
The Cadwalader team was led by Finance partner Holly Chamberlain and included special counsel Christopher Dickson and associate Eunji Jo.