Merritt secures $621M refinancing for Maryland industrial portfolio

What's the deal? Merritt PropertiesDealroom has a profile for this one. Try Dealroom → has secured a $621 million refinancing loan for part of its Maryland Industrial Portfolio, one of the largest privately owned light industrial portfolios in the Mid-Atlantic. M&T BankDealroom has a profile for this one. Try Dealroom → issued the fully underwritten, seven-year note, with JLLDealroom has a profile for this one. Try Dealroom → Capital Markets arranging the deal.

What's backing it? The portfolio comprises 58 assets totaling roughly 6.3 million square feet across Baltimore and Washington, DC. The facilities sit along the BWI Corridor, Northwest Baltimore, Interstate 95, and Hagerstown, Maryland.

Why now? Earlier this month, Centerbridge PartnersDealroom has a profile for this one. Try Dealroom → paid $750 million to acquire a stake in Merritt from Almanac, the private real estate arm of Neuberger. That deal supports Merritt's shallow-bay industrial development and acquisitions across Maryland, Virginia, North Carolina, and Florida.

By the numbers: The refinancing ranks in the top 5% of all US real estate debt deals on record, based on 928 comparable rounds.

The signal: Large industrial refinancings are stacking up. Blackstone, GIC, and LBA landed a $950 million loan for a 41-asset portfolio this month, while MDH Partners took $946.8 million to refinance 59 properties in the first quarter — a sign lenders remain willing to write big cheques against light industrial assets.

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