Weeks after acquiring Plymouth Industrial REIT in a $2.1B take-private deal, Ares Alternative Credit and Makarora Management are lining up a $1.46B CMBS refinance of the acquisition debt. 
Citi Real Estate, Goldman Sachs and Morgan Stanley are slated to co-originate the loan on or around Feb. 26, according to a Kroll Bond Rating Agency presale report. Loan proceeds will refinance the balance sheet debt the joint venture received from Citi when the pair closed the Plymouth acquisition in late January, as well as fund reserves and pay closing costs.