Industrial Refinance Surge as Ares, Makarora Secure $1.46B Loan

Fast-Tracking Industrial Refinance

Ares Alternative Credit and Makarora Management quickly refinanced debt from their $2.1B take-private acquisition of Plymouth Industrial REIT.

Now, the firms are finalizing a $1.46B floating-rate CMBS loan. Citi Real Estate, Goldman Sachs, and Morgan Stanley co-originated the financing, according to Bisnow. Specifically, the loan proceeds will refinance the initial acquisition debt while also covering reserves and closing costs

Massive Portfolio Secures Loan

The loan is backed by 145 industrial properties totaling 32.1M SF across 11 states. Ohio, Tennessee, Indiana, Georgia, and Florida account for the majority of the portfolio’s allocation. Distribution centers dominate at 74.1% by SF, with light manufacturing, small bay, and flex spaces rounding out the mix. Overall, the properties are 92.3% leased, serving more than 500 tenants. The refinancing follows the sponsors’ $2.1B take-private acquisition of Plymouth Industrial REIT, which marked one of the sector’s largest recent industrial deals.

CMBS Market on a Hot Streak

This industrial refinance reflects broader momentum in the CMBS market. In January 2026, $8B in CMBS deals closed, up 40% year-over-year, with another $9B in the first half of February—nearly doubling 2025’s early volume. Ares and Makarora’s move underscores renewed investor confidence in the industrial and CMBS sectors as both outperform forecasts.

Looking Ahead

The two-year floating-rate loan structure, with options to extend for up to three more years, provides flexibility for Ares and Makarora. Strong demand and high occupancy position the portfolio’s strategic locations to capture growth in key markets as CMBS lending expands throughout 2026.