Newton, MA-based Industrial Logistics Properties Trust (ILPT) said Wednesday it has priced $1.62 billion of five-year, interest-only fixed-rate mortgage financing for its consolidated joint venture, Mountain Industrial REIT LLC, or Mountain JV, at an interest rate of 5.71%. The financing proceeds are expected to be used to refinance Mountain JV’s $1.4 billion of floating rate mortgage debt due in March 2027 and $0.2 billion of fixed rate amortizing mortgage debt.
ILPT said the new financing will be secured by the same 90 industrial properties previously pledged as collateral for the floating-rate and amortizing mortgage debt being refinanced. The closing of the financing is expected to occur on or about May 8, 2026.
The financing is being led by Wells Fargo Bank, and is provided together with Citi Real Estate Funding Inc.; Bank of America, UBS AG New York Branch; Morgan Stanley Bank; Bank of Montreal, represented by Sidley Austin LLP. Skadden, Arps, Slate, Meagher & Flom LLP serves as legal counsel to ILPT in this transaction.
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