A
n Ares Management Real Estate fund has secured $475 million in commercial mortgage-backed securities (CMBS) financing for a 25-building industrial portfolio spanning 12 states, according to Commercial Observer's exclusive report.

    J.P. Morgan led the lending syndicate, joined by Morgan Stanley and Natixis Corporate & Investment Banking, to provide floating-rate, single-asset, single-borrower CMBS financing. Cushman & Wakefield's equity, debt, and structured finance team arranged the deal, with Rob Rubano leading the effort.

    The portfolio features 58 tenants on its rent roll, spanning over 4.8 million square feet across Class A and B bulk warehouse or light industrial assets. Notable properties include a 797,600-square-foot freestanding property in Atlanta and five properties in California. The majority of the buildings were constructed since 2000, with 12 built within the last decade.

    Ares Management is currently leasing the portfolio at 97 percent occupancy. Cushman & Wakefield's Rubano noted that the flexible financing provides a competitive mix of economic and non-economic terms to maintain optionality for Ares Management.