Faropoint has secured $1.57 billion in financing over the past 14 months through multiple credit facilities, according to an announcement by the Hoboken-based property investment management firm on Monday.
The facilities were led by KeyBank, as left lead arranger and administrative agent, alongside JP Morgan and Citizens Bank, as joint lead arrangers on certain facilities, and a syndicate of 11 participating banks.
Faropoint said the increased size of these facilities and its ability to immediately raise funds to facilitate transactions will allow the company to pursue opportunities more efficiently and with greater transactional certainty.
“The company’s buying momentum and use of technology to control and manage its deal pipeline continues to build its credibility in the competitive industry space,” said Joshua Mayers, senior vice president and senior banker at institutional real estate group of KeyBank. “We are honored to partner with a large group of high quality syndicated banking partners to provide creative financing solutions to meet Faropoint’s financing needs.”
Thanks to Faropoint’s unique origination platform that it has developed through its local presence and its network of more than 300 local, regional and national brokers, the company has established itself as the first buyer of industrial buildings of the last kilometer in its active markets.
“These debt commitments allow us to act quickly when the right opportunity arises, to execute our immediate and long-term growth objectives,” said Idan Tzur, chief financial officer of Faropoint.
“Faropoint’s relationship-focused acquisition strategy, combined with our use of proprietary in-house technology to aggregate attractive investment opportunities, has enabled us to close a high volume of last-mile industry opportunities over the past few years. years,” Adir Levitas, CEO of Faropoint, said. “In 2021, we acquired 144 warehouses across 82 transactions totaling 8.5 million square feet. With these credit facilities, we have even greater financial flexibility to be pioneers with a presence on the ground that attracts sellers to market due to our ability to close quickly.