Highlights
- JLL Capital Markets arranged $718.2 million to refinance Equus Capital Partners' Project Pegasus portfolio on Oct. 14, 2026.
- The 52-property portfolio spans 5.2 million square feet of light industrial space across the Phoenix metro and was 92% leased at closing.
- Financing splits into a $527.1 million SASB execution led by Morgan Stanley and Bank of America, plus a $191.1 million balance sheet loan.
- Shallow-bay buildings average roughly 100,000 square feet with 20-foot clear heights, serving manufacturing, logistics, distribution, and technology tenants.
JLL Capital Markets closed $718.2 million in refinancing for Equus Capital Partners' Project Pegasus Industrial Portfolio on Oct. 14, 2026, in one of the larger single-sponsor industrial finance transactions to clear the Phoenix market this year.
The portfolio comprises 52 light industrial properties totaling 5.2 million square feet across the Phoenix metropolitan area. At closing, the portfolio was 92% leased to a diversified tenant base spanning manufacturing, logistics, distribution, and technology, with no single tenant representing more than a small share of total revenue.
The financing package has two components: a $527.1 million single-asset, single-borrower execution arranged with Morgan Stanley and Bank of America as lead lenders, and a $191.1 million balance sheet loan. The SASB structure, typically reserved for institutional-grade assets with stabilized cash flows, signals lender confidence in the portfolio's occupancy profile.
What kind of properties are in the portfolio?
The 52 buildings are shallow-bay industrial configurations with clear heights averaging 20 feet and average building sizes approaching 100,000 square feet. That format targets the small-to-midsize tenant that drives Phoenix's last-mile and light-manufacturing demand, rather than the big-box distribution users that dominate the I-10 and Loop 303 corridors.
Philadelphia-based Equus Capital Partners is a private equity real estate firm; the Phoenix industrial assemblage reflects the sustained institutional appetite for Sun Belt industrial assets even as cap rates have moved off their 2021-2022 lows. As Commercial Property Executive and AZ Big Media both reported the transaction, the deal drew broad trade attention at close.
No disposition timeline was disclosed in connection with the refinancing.
Where to find them
- Equus Capital Partners · equuspartners.com
Sources
Every factual claim in this article traces to one of the sources below. See how we work for the editorial process.
- jll.com retrieved 20/10/2026 07:01
- commercialsearch.com retrieved 20/10/2026 07:01
- AZ Big Media retrieved 20/10/2026 07:01
- Equus Capital Partners (official site) retrieved 20/10/2026 07:01
Authored by The Scottsdale Signal. Drafted by AI from primary-source material under our beat-specific editorial guides; reviewed by humans before publish under our five-gate process. Sources retrieved at 20/10/2026 07:01. Every claim traces to a source.
