Institutional Property Advisors Arranges $50 Million Financing for 18-Property Industrial Portfolio in Texas, Oklahoma and Georgia

CHICAGO — Institutional Property Advisors (IPA) announced Oct. 9, 2026, that its IPA Capital Markets team arranged $50 million in financing for an 18-property industrial portfolio located across Texas, Oklahoma and Georgia. Frank Montalto, managing director, and Ethan Splan, director, both based in the firm's Chicago office, arranged the transaction.

IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI) that specializes in capital markets services for major private and institutional clients.

Loan Terms for the Industrial Portfolio Financing

The non-recourse loan carries a five-year term, a 70% loan-to-value ratio and a 6.75% interest rate. Payments are interest-only throughout the loan term.

At a 70% loan-to-value ratio, the $50 million loan implies aggregate collateral value of approximately $71.4 million and an equity component of approximately $21.4 million, before transaction costs and other capital adjustments. The average financing allocation works out to roughly $2.8 million per property.

At a 6.75% rate, annual interest expense would be approximately $3.375 million, or about $281,250 per month, assuming the full $50 million remains outstanding. Because the payments are interest-only, no scheduled principal amortization occurs during the five-year term, and the full principal balance would generally come due at maturity.

Comments From Frank Montalto

"This financing reflects the continued strength of well-located industrial assets and the durability of lender demand for stabilized portfolios with strong fundamentals," said Montalto. "We were pleased to secure non-recourse financing with competitive leverage and pricing that supports the sponsor's long-term business plan across these markets."

Portfolio Financing Across Three States

The loan is secured by industrial properties spread across Texas, Oklahoma and Georgia. Financing a diversified portfolio rather than a single asset can reduce dependence on one metropolitan market, while the non-recourse structure generally limits a sponsor's liability primarily to the collateral and negotiated carve-outs.

Lenders typically place greater emphasis on in-place tenancy, durable demand and cash-flow visibility when financing stabilized portfolios, a point reflected in Montalto's comments about lender demand for portfolios with strong fundamentals.

Institutional Property Advisors and Marcus & Millichap Context

Institutional Property Advisors is a division of Marcus & Millichap, a commercial real estate services firm in North America. IPA's combination of real estate investment and capital markets expertise, technology and research supports the acquisition, disposition and financing of institutional properties and portfolios, the firm said.

Marcus & Millichap reported approximately $14.1 billion in total transaction volume in the second quarter of 2026, including $3.6 billion of financing volume across 480 transactions. Companywide revenue was $202.9 million, up 17.8% from $172.3 million in the second quarter of 2025, while financing fees increased 15.3% to $30.3 million from $26.3 million.

Outlook

The combination of portfolio scale, moderate leverage, non-recourse protection and full-term interest-only payments gives the sponsor cash-flow flexibility over the five-year term. The financing also points to lender willingness to underwrite diversified industrial collateral at a 6.75% interest rate and a 70% loan-to-value ratio.

Sources

• Institutional Property Advisors: IPA Capital Markets Arranges $50 Million in Financing for 18-Property Industrial Portfolio