Truist Financial Corporation and MDH Partners today announced SunTrust Commercial Real Estate has arranged a $84.3 million-acquisition bridge loan to finance the acquisition of seven warehouses, three truck terminals, and six trailer yards spread across six states.
Located throughout the Dallas, Atlanta, Kansas City, Memphis, and Louisville industrial markets, the warehouses and truck terminal assets total 1,873,939 SF. The six trailer yards contain 1,855 trailer spaces on 46.1 acres in Kansas City.
Mark Hancock, senior vice president at SunTrust Commercial Real Estate, was the lead on the transaction.
“SunTrust, now Truist, is pleased to provide acquisition financing to further accelerate the growth of MDH Partners,” said Hancock. “MDH Partners’ growing national industrial portfolio will be a successful addition to the Dallas, Atlanta, Kansas City, Memphis and Louisville communities.”
“We are proud to work with SunTrust now Truist on these acquisitions,” said Jeff Small, chief executive officer for MDH Partners. “Our goal when we buy assets, especially older industrial buildings, is to reinvest in them ultimately to create value for both us and the communities in which the assets are located.”
MDH Partners targets industrial value-add acquisitions and development opportunities across the Southeast with a focus on acquiring assets at discounts to replacement cost.
About SunTrust Commercial Real Estate
SunTrust, now Truist, has built a full suite of commercial real estate banking capabilities – from capital raising to loan servicing, from private operator to REIT, from community capital to seniors housing – to provide specialized industry and market expertise. Our clients need a wide variety of capabilities, efficient decision-making, responsiveness and specialized expertise to deliver the best solutions to keep their projects moving forward and on track to deliver targeted returns. We have a dedicated focus on the industry, and an ability to bring you financial advice from across the Bank.
About Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-driven company dedicated to building a better future for its clients, teammates and communities. With 275 years of combined BB&T and SunTrust history, Truist is one of the nation’s largest financial services holding companies offering a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending and wealth management. Headquartered in Charlotte, North Carolina, Truist serves approximately 10 million households with leading market share in many high-growth markets in the country. Learn more at Truist.com.
About MDH Partners
MDH Partners, LLC is an Atlanta-based real estate investment company operating a $350 million discretionary fund, which when combined with debt, gives it purchasing power of over $1 billion. Founded in 2005 as the successor to a fifty-year-old real estate development company, MDH Partners has participated in over $4 billion of acquisitions, developments, and asset management as an advisor and investor. Between 2014 – 2018, MDH aggregated a portfolio via acquisitions and new development totaling 14 million sq. ft. in 106 buildings in 15 cities and 8 states, which it sold in November 2018 for $952 million but continues to manage. In the seven months since the Fund’s closing, MDH has committed or closed acquisitions and developments totaling 5.5 million sq. ft. at a gross value of over $400m.
MDH Partners targets industrial value-add acquisitions and development opportunities across the Southeast with a focus on acquiring assets at discounts to replacement cost.
