JLL Secures $621M M&T Bank Refinancing for Merritt Properties' Maryland Industrial Portfolio

JLL Capital Markets has arranged a $621 million refinancing for a portion of Merritt Properties' Maryland industrial portfolio, securing a fully underwritten, seven-year balance sheet loan through M&T Bank, the firms announced July 21, 2026.

The transaction covers 58 properties totaling approximately 6.3 million square feet across the Baltimore-Washington metropolitan area. JLL represented Merritt Properties and its affiliates in arranging the financing.

Portfolio Scope and Geography

The refinanced portfolio spans four key submarkets: the BWI Corridor, Northwest Baltimore, the I-95 Corridor and Hagerstown. The assets serve hundreds of businesses across a diverse range of industries and have maintained consistently strong occupancy for more than two decades.

Merritt Properties, a privately held commercial real estate company established in 1967, operates a total portfolio of more than 21 million square feet of Class A office, flex, warehouse, industrial, retail and build-to-suit properties across Maryland, North Carolina, Florida and Virginia. The 58-property Maryland industrial portfolio subject to the refinancing represents roughly 30 percent of the company's total square footage, indicating a targeted recapitalization of its core Mid-Atlantic industrial holdings.

At $621 million across 6.3 million square feet, the deal implies approximately $98 to $100 in loan proceeds per square foot — a figure consistent with institutional light-industrial and flex valuations in infill Mid-Atlantic submarkets.

Deal Structure and Capital Markets Context

M&T Bank structured the loan as a fully underwritten balance sheet transaction. Balance sheet lending of this scale typically appeals to large private owners seeking relationship-driven capital and flexible prepayment terms. M&T Bank, headquartered in Buffalo, New York, operates a branch and ATM network spanning the eastern United States from Maine to Virginia and Washington, D.C.

The seven-year loan term gives Merritt Properties extended rate visibility and reduces near-term refinancing risk. The structure also positions Merritt to fund ongoing capital improvements, build-to-suit development and potential strategic acquisitions across its multi-state footprint.

"Our strategy focused on highlighting the portfolio's institutional quality, outstanding operating performance and long-term value," said Travis Anderson, Senior Managing Director at JLL Capital Markets. "The strong response from the lending community reflects continued confidence in high-quality industrial assets backed by experienced ownership and long-standing tenant relationships."

The JLL Capital Markets Debt Advisory team representing Merritt Properties included Senior Managing Directors Pete Pittroff, Anthony Fertitta Jr. and Travis Anderson, Senior Director Evan Parker and Director Christopher Pratt.

M&T Bank's Regional Commitment

"Strong industrial real estate is foundational to Maryland's economy because it supports the businesses that manufacture, distribute and deliver the goods our communities rely on every day," said Barbara Simmons, Executive Vice President and Head of Commercial Real Estate at M&T Bank. "We're proud to partner with Merritt Properties and JLL on a financing that not only recognizes the strength of this portfolio but also reflects confidence in Maryland's economic future. At M&T, our goal is to provide capital that helps businesses invest, grow and create lasting opportunities throughout the region."

The bank's willingness to hold significant industrial exposure on its balance sheet reflects a broader lender preference for well-leased, infill industrial portfolios with diversified tenant bases and long operating histories — asset profiles that offer durable cash flow compared with more volatile property sectors.

Market Backdrop: Baltimore-Washington Industrial

The Baltimore-Washington corridor benefits from proximity to the Port of Baltimore, the Interstate 95 and Interstate 70 freight networks, and major population centers that support last-mile and regional logistics demand. The four submarkets covered by the Merritt portfolio — the BWI Corridor, Northwest Baltimore, the I-95 Corridor and Hagerstown — collectively serve third-party logistics operators, distributors, manufacturers and service businesses requiring small-bay and flex product.

Industrial has remained among the tightest commercial real estate asset classes nationally, characterized by low vacancy and strong rent growth, which has sustained lender appetite for portfolio-scale transactions backed by experienced private operators with long track records.

JLL's Capital Markets group operates globally with more than 3,000 specialists in offices across nearly 50 countries, providing debt advisory, investment sales, equity placement and related services to real estate investors and occupiers.

Sources

JLL Newsroom — JLL secures $621M refinancing for Merritt Properties' Baltimore-Washington industrial portfolio through M&T Bank (July 21, 2026)