First Industrial Realty Trust Closes $800M in Commercial Real Estate Financing for Industrial Portfolio

First Industrial Realty Trust, Inc. (NYSE: FR) announced on January 22, 2026, the completion of refinancings for two unsecured term loans totaling $800 million. The transactions include a $425 million refinancing and an expanded $375 million facility, both featuring reduced borrowing costs and extended maturity dates.

Commercial Real Estate Financing Details

The company refinanced its $425 million unsecured term loan with an initial maturity date of January 22, 2030, including a one-year extension option at the company's discretion, subject to certain conditions. The facility provides for interest-only payments initially at an interest rate of SOFR plus 85 basis points based on First Industrial Realty Trust's current credit ratings. The refinancing eliminated the previous 10 basis point SOFR adjustment that had been included in the original loan terms.

Wells Fargo, LLC and PNC Capital Markets LLC served as Joint Lead Arrangers and Joint Book Runners for the $425 million facility. BofA Securities, Inc., U.S. Bank National Association, Regions Capital Markets, Fifth Third Bancorp, National Association, and Associated Bank served as additional Joint Lead Arrangers. Wells Fargo Bank, National Association acts as Administrative Agent, with PNC Bank, National Association, Bank of America, N.A., U.S. Bank National Association, Regions Bank, Fifth Third Bank, National Association, and Associated Bank serving as Co-Syndication Agents. American Savings Bank also participated in the term loan.

Expanded Term Loan Facility

First Industrial Realty Trust also refinanced and expanded its second term loan from $300 million to $375 million, providing $75 million in additional liquidity. The expanded facility carries an initial maturity date of January 22, 2029, with two one-year extension options at the company's discretion, subject to certain conditions. Like the $425 million loan, this facility provides for interest-only payments initially at SOFR plus 85 basis points and eliminates the previous 10 basis point SOFR adjustment.

U.S. Bank National Association, BofA Securities, Inc., PNC Capital Markets LLC, and Regions Capital Markets serve as Joint Lead Arrangers and Joint Book Runners for the expanded facility. U.S. Bank National Association serves as Administrative Agent, Bank of America, N.A. as Syndication Agent, and PNC Bank, National Association and Regions Bank as Co-Documentation Agents. JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association, and National Bank of Canada also participated in the term loan.

Additional Loan Amendment

In conjunction with these refinancing transactions, First Industrial Realty Trust also amended its existing $200 million unsecured term loan to eliminate the 10 basis point SOFR adjustment, further reducing the company's overall borrowing costs across its debt portfolio.

"We thank our banking partners for their commitments and support in refinancing these term loans, providing us capital to support our long-term growth," said Scott Musil, chief financial officer of First Industrial Realty Trust, Inc.

First Industrial Realty Trust is a fully integrated owner, operator, and developer of logistics real estate. The refinancings provide the company with enhanced financial flexibility and reduced debt service costs.