Baltimore-based Merritt Properties sees the debt markets opening up, so it's hoping to land a loan to refinance dozens of Maryland industrial properties.

The developer has tapped JLL to seek $620M of debt for a 58-property, 6.2M SF portfolio.

“We are taking advantage of today’s favorable debt markets to secure low-cost of capital across a large segment of our capital stack,” Merritt Vice President of Finance Grant Harrison told Bisnow in an emailed statement.

Commercial real estate debt issued by banks was up 85% year-over-year through the first nine months of 2025, bringing it back in line with 2019 levels, according to Newmark. Private capital sources have also increased their CRE lending activity.

The portfolio Merritt is seeking to refinance is entirely in the Baltimore region, a spokesperson told Bisnow. Commercial Mortgage Alert first reported that Merritt was in the market for a loan.

Two of the properties are Beltway Business Community in Halethorpe and Security Business Park in Baltimore, where Merritt is headquartered. The 58-property portfolio is 96% leased to 405 tenants.

That occupancy level is above average for the larger Baltimore industrial market, which JLL reported had a 10.2% vacancy rate at the end of last quarter. But despite the market's rising vacancy, its average asking rents increased last quarter to $11.15 per SF, up from $10.79 the prior quarter.

Merritt Properties' overall portfolio spans 21M SF across Maryland, Virginia, North Carolina and Florida. It has added 5M SF to its holdings since 2018, when the firm secured a $400M investment from New York-based Almanac Realty Investors to help it expand.

Nationwide, the industrial market had 7.6% vacancy last quarter, which has consistently increased since the late 2022 low of roughly 3%, according to JLL. Industrial rents have also been rising across the country, increasing 1.5% year-over-year to $10.36 per SF last quarter.