Wells Fargo announced this week that it has funded a $514 million sindicated five-year loan to affiliates of Blackstone Real Estate Advisors accordinging to a BusinessWeek article. Blackstone will use the funds to acquire a portfolio of 182 industrial properties in 28 markets, totalling roughly 23.2 million square feet of space. According to the MBA's Commercial Real Estate / Multifamily Finance Firms Annual Origination Rankings for 2009, Wells Fargo originated more transactions involving industrial properties last year nationwide than any other firm in the U.S. Wells Fargo provides lending, servicing, advisory, intermediary, and structured solutions to a broad spectrum of investors, developers, and public companies in the commercial real estate sector.
"We're proud to be a part of a large transaction like this one," said Chip Fedalen, executive vice president and head of the Wells Fargo Real Estate Banking Group of the loan and ProLogis portfolio acquisition. "Wells Fargo has a long history in the commercial real estate sector and we continue to actively seek financing opportunities for attractive real estate assets with good quality sponsors."
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