Barings, one of the world’s largest diversified real estate investment managers, announced today that it has provided a $114 million loan to a joint venture sponsored by Tolles Development to finance Airway Commerce Center, a newly built 893,000 square foot industrial warehouse distribution property located in Reno, Nevada.
“We are extremely excited to deepen our partnership with Tolles and its equity investors for the financing of this new Class A industrial property,” said Jack Cheng, Managing Director with Barings. “We believe that newer industrial assets located in strong markets with healthy underlying demand-supply metrics and combined with experienced sponsorship will continue to perform well in any market environment.”
CBRE advised the sponsorship on the financing. CBRE’s Michael Walker said, “Institutional quality industrial remains a bright spot in the debt capital markets. Barings was excellent to work with from start to finish and provided an accretive, customized solution for Tolles and their investors. We are thrilled with the outcome and to expand on our relationship with both Tolles and Barings.”
This transaction expands Barings’ $24.2+ billion* real estate debt platform, which leverages the team’s broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate.
About Barings
Barings is a $409+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.
*Assets under management as of June 30, 2024
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