Industrial claimed the top spot last week, and the active commercial lenders closing industrial deals weren’t picking one sector. Five CRE lenders put money into industrial real estate. Five ABL lenders backed manufacturing and construction companies. One growth capital lender financed equipment for a metals manufacturer. Eleven deals, $593 million disclosed, across all three verticals. Multifamily had more volume at $1.6 billion, but only nine deals, all in CRE. Industrial spread across three verticals at once, and that’s the tell.
Why Lenders Are Leaning Into Industrial
Office sits at 12.16% CMBS delinquency. Industrial doesn’t have that problem.
Logistics demand from e-commerce and supply chain reshoring keeps pulling new square footage into the market, and the CRE industrial deals last week showed it: three of the five were Sun Belt or Mountain West refinancings, all on stabilized assets. When a lender like Barings prices a $138.6 million industrial refi for Speedway Commerce Center in Metro Phoenix, they are betting on the asset, not the macro.
On the ABL side, manufacturing borrowers are using revolving credit facilities to manage inventory and receivable cycles in a demand slowdown. That isn’t a growth bet. Thats liquidity management. The demand is sticky and it doesn’t depend on rate cuts to show up.
The growth capital side is smaller here, but Post Road Equipment Finance putting a $33 million equipment term loan into Ox Industries in the same week that PNC Business Credit put a $30 million ABL revolver into the same company is worth noting. Two lenders, two different structures, same borrower, same week. That kind of cross-vertical activity on one credit is a signal that Ox Industries is a company lenders want to be in business with.
Which Active The Lender Draft Commercial Lenders Closed Industrial Deals?
| Vertical | Lender | Borrower or Asset | Amount | Structure |
|---|---|---|---|---|
| CRE | Undisclosed (borrower: MDH Partners) | MDH Industrial Portfolio | $163.7M | Refinance |
| CRE | Barings (agent) | Speedway Commerce Center, Phoenix | $138.6M | Refinance |
| CRE | Undisclosed | Crossroads Logistics Center, Irving TX | $94M | Undisclosed |
| CRE | Forbright Bank | Lakeview Innovation Park, IL | $49.7M | Bridge (3-year floating) |
| CRE | Undisclosed | Tenney North Park, San Diego | $41M | Undisclosed |
| ABL | PNC Business Credit | Ox Industries | $30M | ABL revolving credit |
| ABL | eCapital | Undisclosed forged steel company | $18M | ABL revolving credit |
| ABL | M&T Bank Equipment Finance | Shimmick/Sixty-First | $14.3M | Equipment term loan (refi) |
| ABL | S2G Investments | Formic Robotics | $10M | Equipment-backed debt |
| ABL | First Business Bank | Undisclosed silicone recycler | $1M | ABL revolving credit |
| GC | Post Road Equipment Finance | Ox Industries | $33M | Equipment term loan |
Note: Three CRE industrial deals did not disclose lender names in the release. Amounts are as announced.
The Lender Draft Structures and Pricing
🏢 CRE: Refinance dominated with three of five CRE industrial deals. The other two were bridge or undisclosed. No CRE industrial deal disclosed a numerical rate last week.
🚀 GC: Post Road’s $33 million equipment term loan for Ox Industries was the only GC industrial deal. No pricing was disclosed.
⚙️ ABL: Revolving credit was the dominant structure for active commercial lenders in the manufacturing space, with four of five ABL industrial deals using some form of revolver or ABL facility. The one exception is the most interesting: M&T Bank Equipment Finance refinanced Shimmick Construction’s equipment portfolio at 9.31% fixed for five years, down from an existing rate of 12.50%. That is a rate reduction of more than three percentage points on the same asset. This is the only disclosed numerical rate in the entire package this week, and it tells you what the equipment lending market looks like right now for a borrower who can demonstrate a track record.
What to Do
If you are a borrower with industrial real estate: Refinancing is active and lenders are comfortable on stabilized industrial assets in Sun Belt and Mountain West markets. If you are sitting on a 2022 or 2023 rate and your occupancy is solid, the market is better for you now than it was six months ago.
If you are a manufacturing or construction company: ABL revolving credit facilities are the dominant structure right now. Five deals closed last week across metals, construction equipment, food production, and recycling. Non-bank specialty lenders closed four of the five. If your bank passed or moved slowly, a specialty ABL lender is the more likely path.
If you are an active commercial lender: The cross-vertical Ox Industries financing (PNC ABL plus Post Road equipment term loan, same week, same borrower) is worth watching as a template. Two lenders, two products, non-competing. There is room for that kind of coordination in the middle market..
Counts reflect closed financings announced October 13 to 19, 2026 and tracked by The Lender Draft. Amounts are as announced.
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