Hoboken, NJ Faropoint, a leading real estate investment management firm focused on last-mile properties in high population growth markets, has secured $1.57 billion in funding over the past 14 months through several credit facilities. 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.
“KeyBank is proud to continue our long-standing leadership role with Faropoint,” said Joshua Mayers, senior vice president and senior banker in KeyBank’s Institutional Real Estate Group. “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. 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.”
“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,” said Idan Tzur, CFO at Faropoint. “The expanded size of these facilities and our ability to immediately draw down funds to facilitate deals allows Faropoint to pursue opportunities more efficiently and with greater transactional certainty.”
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.
“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,” said Adir Levitas, CEO of Faropoint. “In 2021, we acquired 144 warehouses over 82 deals totaling 8.5 million s/f. 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.”
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