New York, NY– Newmark announced that it 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, leveraging local licensees, 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.
“It is remarkable what the SomeraRoad team has been able to accomplish, aggregating and scaling a strong portfolio and building an impressive net-lease platform in the process,” Roeschlaub commented. “The team has compiled a marquee portfolio of industrial properties, acquiring and positioning these assets for success with ingenuity and best-in-class management.”
Stolly added, “SomeraRoad has been highly active in acquiring and expanding its industrial net-lease portfolio. The diversity and mission-criticality of the properties, coupled with the continued favorability of the industrial debt market, showed through in this execution.”
The portfolio comprises 50 single-tenant assets, spanning 27 states and 40 unique markets – net-leased to a diverse 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 highly diversified in both its geography and the industries in which its tenants operate. The wide range of tenant businesses enhances the portfolio’s top-of-line credit profile, with that economic diversity further supported by the tenants’ respective balance sheets and creditworthiness.
The properties are strategically positioned in proximity to highly trafficked public infrastructure, making each asset critical to the established manufacturing/distribution operations of their tenants. Each site is in great condition, having received significant, recent capital investment made by the underlying tenants, ensuring each property is well suited for its respective use – with a sizable portion of the greater portfolio constructed in the last decade.
