Prospect Ridge Provides $48M Refinancing for Redfearn Capital's Eight-Building Jacksonville Industrial Portfolio

Prospect Ridge has provided $48 million in refinancing for an eight-building industrial portfolio in the Jacksonville, Florida area owned by Redfearn Capital, the Delray Beach-based private equity commercial real estate firm announced June 10.

The portfolio comprises a mix of front-load, rear-load and cross-dock industrial buildings situated near Interstate 95, Interstate 10 and Interstate 295, with access to JaxPort and Jacksonville International Airport. Individual buildings range in size from 7,000 square feet to 70,000 square feet.

Deal Structure and Brokerage

CBRE's Jose Lobón, Frank Fallon, Trey Barry and Royce Rose negotiated on behalf of Somerset Properties and CenterSquare Investment Management in connection with the transaction. Additional loan terms, including interest rate, loan-to-value ratio and maturity date, were not disclosed.

The refinancing comes as Redfearn Capital has reported a strong pace of acquisitions. The firm noted on LinkedIn that it acquired 12 new assets totaling approximately 580,000 square feet in the first half of the year, adding that it "continues to target value-add industrial deals across the Southeast."

Portfolio and Sponsor Profile

Redfearn Capital, founded in 2014, describes itself as a private equity commercial real estate company that targets value-add, distressed and opportunistic investment opportunities. The firm handles property management, construction management and asset management for its portfolio in-house and is headquartered in Delray Beach, Florida.

According to the firm, Redfearn Capital currently manages more than $880 million in assets under management, encompassing more than 5.7 million square feet and more than 250 active tenants across three states.

Jacksonville's Logistics Infrastructure

The Jacksonville Business Journal has noted that the metro area's network of interstate, port, rail and airport access remains a core selling point for the portfolio and for the industrial users Redfearn Capital is targeting. The eight buildings' proximity to I-95, I-10 and I-295, combined with access to JaxPort and Jacksonville International Airport, positions the assets within the region's logistics network.

Sources

Redfearn Capital – Redfearn Lands Refi on 8-Building Jax Warehouse Facility

Connect CRE – Redfearn Lands Refi on 8-Building Jax Warehouse Facility