Faropoint secured $1.57 billion in funding over the past 14 months through several credit facilities, according to a Monday announcement from the Hoboken-based real estate investment management firm.
The facilities were led by KeyBank, as left lead arranger and administrative agent, alongside J.P. Morgan and Citizens Bank, as joint lead arrangers on certain facilities, and a syndicate of 11 participant banks.
Faropoint said the expanded size of these facilities and its ability to immediately draw down funds to facilitate deals will allow the firm to pursue opportunities more efficiently and with greater transactional certainty.
“The company’s purchase momentum and use of technology to vet and manage their deal pipeline continues to boost their credibility in the competitive industrial space,” Joshua Mayers, senior vice president and senior banker in KeyBank’s Institutional Real Estate Group, stated. “We are honored to partner with a large group of high-quality syndicated bank partners to deliver creative financing solutions solving Faropoint’s financing needs.”
Thanks to Faropoint’s unique origination platform it has developed through its local presence and network of over 300 local, regional and national brokers, the company has established itself as the premier buyer of last-mile industrial buildings within its active markets.
“These debt commitments position us to move quickly when the right opportunity arises, in order to execute on our immediate and long-term growth objectives,” Idan Tzur, chief financial officer at Faropoint, stated.
“Faropoint’s relationship-centric acquisition strategy, combined with our use of proprietary in-house technology to aggregate attractive investment opportunities, has allowed us to close on a high volume of last-mile industrial opportunities over the past few years,” Adir Levitas, CEO of Faropoint, stated. “In 2021, we acquired 144 warehouses over 82 deals totaling 8.5 million square feet. Through these credit facilities, we have even greater financial flexibility to be early movers with an on-the-ground presence that appeals to sellers in the market because of our ability to close quickly.”
