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The loan will be used for the first phase of a 380,000-square-foot industrial park in Irvine, California.
Skyline of Newark, New Jersey and its reflection on the water.
The Newark-based manager has been refinancing sizable portfolios and tacking on more concentrated one-off deals to fuel momentum.
Invesco’s activity comes amid a broader increase in commercial real estate loan originations.
The Lending Barometer tracked 96 loans totaling $12.67bn across July and August, a level that is 15% lower than the prior two-month period.
Michael Comparato, president of FBRT and head of commercial real estate at Benefit Street Partners.
Franklin BSP Realty Trust’s Comparato breaks down the transaction, which marks a bright spot for a quiet sector.
While prices and the availability of financing have fallen as interest rates remain high, the industrial sector is on a different trajectory, BKM Capital Partners said in a white paper released this week.
A rendering of the Perris Gateway industrial project in Perris, California.
The loan will be used by DECA and Wildcat joint venture to build Perris Gateway.
Industrial office & warehouse architecture bathed in afternoon light.
The insurers financed two warehouse buys by the manager’s non-traded REIT.
The Minneapolis-based manager originated the funding for a joint venture between Metro Storage and Fremont Realty Capital.
Closings are ticking up as borrowers re-enter the market, but wider activity is still tempered.
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