➤ Key Highlights
EQT Real Estate closed a $550M balance-sheet loan backed by a 15-asset U.S. logistics portfolio.
BMO led the financing with a $200M commitment; BBVA and Société Générale participated.
Portfolio totals ~8M SF, ~90% leased, with an average 4.9-year WALT.
Assets span growth logistics markets including South Florida, DFW, Columbus, Indianapolis, and Jacksonville.
Debt structure is five-year interest-only, signaling selective bank appetite for scale-stable industrial portfolios.
Institutional banks are quietly re-opening their balance sheets for industrial — but only for portfolios with scale, stability, and modern tenancy profiles. EQT’s $550M loan is the clearest evidence that logistics, even in a normalized market, continues to attract top-tier bank capital.
⚠️ Why it matters now
The deal breaks from the current trend of banks being conservative on CRE exposure.
Three implications:
Banks are willing to lend again — but only to institutional-grade sponsors with strong credit.
Mid-tier operators should not interpret this as broad liquidity returning.Industrial remains the safest CRE asset class from a lender’s perspective.
High WALT, strong occupancy, and diversified tenant pools are outperforming every other sector.Balance-sheet execution is back in play.
This structure avoids CMBS and signals banks prefer relationship-driven, lower-friction underwriting for proven sponsors.
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WHAT’S NEXT
Expect a bifurcation:
Tier-1 sponsors with scale portfolios will increasingly get access to bank debt again, especially in logistics.
Everyone else will continue facing expensive private credit, tighter covenants, and stricter DSCR sensitivities.
More large-portfolio recapitalizations could follow as sponsors take advantage of easing bank sentiment ahead of 2026.
➤ TAKEAWAY
For operators and investors:
Bank liquidity is returning — but not for you unless you have scale, discipline, and stable industrial cash flow.
This isn’t a market reopening. It’s selective capital allocation to the safest institutional players.
Use this as a directional indicator, not a template.
