Industrial Logistics Properties Trust Secures $1.6B CMBS Loan for National Refinancing

Industrial Logistics Properties Trust (ILPT) lands a $1.6B CMBS loan to refinance 19M SF of industrial space, backed by tenants like Amazon, FedEx, and Home Depot.

By: AXL Media

Published: Apr 22, 2026, 4:40 AM EDT

Source: Bisnow

Loan Structure and Portfolio Performance

The five-year, fixed-rate loan is structured with interest-only payments and includes three consecutive one-year extension options, potentially pushing the final maturity to May 2031. The 90 properties backing the deal were recently appraised at $2.15 billion, resulting in a loan-to-value (LTV) ratio of 75.3%. The portfolio is currently 96.3% leased, maintaining a strong average remaining lease term of 5.2 years. Proceeds from the deal will be utilized to refinance $1.6 billion in existing debt, cover approximately $8.2 million in closing costs, and establish a $3.5 million reserve for outstanding landlord obligations.

Blue-Chip Tenant Base and Management

ILPT's portfolio is anchored by some of the world’s largest logistics and retail entities. Federal Express Corp. (FedEx), Amazon, and Home Depot stand as the three largest occupants among a diverse roster of 36 tenants. Other notable companies within the portfolio include:

Automotive & Industrial: Toyota

Consumer Goods: Jim Beam, Ulta Beauty