Prudential Mortgage Capital Company provides $88.5 million of the $177 million total secured financing of 28 industrial facilities in Mexico
Prudential Mortgage Capital Company and MetLife Real Estate Investments each provided $88.5 million in first mortgage financing for a total $177 million package to Prologis Mexico Fondo Logistico, a co-investment venture managed by a subsidiary of San Francisco-based Prologis, L.P., for a portfolio of industrial buildings in Mexico. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU).
Prologis Mexico Fondo Logistico is a venture with Prologis (20%) and several Mexican pension funds (80%), and was one of the first funds created as part of new legislation that allows Mexican Pension funds to invest in Mexican commercial real estate through equities.
The fixed rate package, which consists of a $103 million, five-year tranche and a $74 million, seven-year tranche, is secured by 28 industrial and warehouse distribution buildings with 5.7 million square-feet of usable space. The building portfolio includes properties in Mexico's leading industrial markets of Mexico City and Guadalajara, as well as Monterrey, and is well leased to a broad mix of multinational and regional tenants.
