Goldman Sachs in Origination of $1.04 Billion Mortgage Loan and $150 Million Mezzanine Loan

August 9, 2023

Cleary Gottlieb represented Goldman Sachs Bank USA, as lender, in the origination of a $1.04 billion fixed-rate mortgage loan and $150 million fixed-rate mezzanine loan to Preylock Real Estate Holdings secured by 12 industrial properties.

The loan closed on August 9, 2023, and is scheduled for securitization.

The 12 properties span 10 states and represent an aggregate 8.9 million square feet of warehouse space, all of which are leased to e-commerce behemoth Amazon for an average term of 14 years. The borrower, Preylock, is a diverse commercial real estate investor with over $4 billion AUM and 14 million square feet of office and industrial assets.

The $1.1 billion loan package refinanced certain existing loans on the properties made by Goldman in 2022. Cleary represented Goldman in the prior financings as well.