Industrial Logistics Properties Trust announced that it has closed on a $650 million mortgage loan that matures in February 2029. The loan is secured by a select portfolio of industrial assets located on the island of Oahu in Hawaii, comprising 186 properties (178 land parcels and 8 buildings) containing in aggregate approximately 9.6 million square feet. This loan also applies to approximately 57% of ILPT’s total owned square footage in Hawaii. As of December 31, 2018, the current weighted average remaining lease term for these properties was more than 14 years and the occupancy of the properties was nearly 100%. The 10-year loan is non-amortizing and carries a fixed interest rate of 4.31% per annum. ILPT expects to use the proceeds of this loan to repay all outstanding borrowings under ILPT’s $750 million unsecured revolving credit facility and for general business purposes, including potential future acquisitions. The loan was provided by Morgan Stanley, Citi, UBS and J.P. Morgan. Eastdil Secured acted as ILPT’s advisor and Sullivan & Worcester LLP provided legal counsel to ILPT in this transaction.