Faropoint, a real estate investment firm focused on last-mile industrial properties in high-population- growth markets, has received $273 million of financing proceeds from a bank syndicate led by Capital One and JPMorgan for Project Walk-Off, a 61-asset portfolio of light / infill industrial properties totaling nearly 3.5 million square feet in Fund II.
The loan represents the largest portfolio refinance by Faropoint to date by number of assets, following a 46-asset refi in Fund III last November. The two-year, non-recourse loan includes three 12-month extensions and was arranged by CBRE’s Tom Traynor, Tom Rugg, Mark Finan and Henry Fenmore.
“This transaction continues to strengthen our long-term partnerships with Capital One and J.P. Morgan, relationships we’ve built across multiple funds and numerous transactions over the years,” said Mark DeCesare, head of corporate finance at Faropoint. “Their confidence in our platform and ability to execute complex portfolio financings reflects the institutional quality of our operations.”
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