Barings, one of the world's largest diversified real estate investment managers, today announced it has provided a $548.5 million loan to refinance a portfolio of nine multifamily communities totaling more than 2,500 units across six states: Arizona, Colorado, Missouri, Minnesota, Michigan, and Florida. The portfolio is owned by Thompson Thrift, a nationally recognized real estate development firm, which delivered the assets between Q1 2024 and Q2 2025.

"We're excited to partner with Thompson Thrift, a proven leader in the development of Class A multifamily product," said Daniel Hedgepeth, Director at Barings. "This portfolio represents the type of high-quality, well-located real estate we seek to finance—backed by experienced sponsorship and well-positioned for strong performance in today's market."

The properties range from 91 to 344 units and feature luxury amenity packages and premium interior finishes. Each community is strategically located near major retail corridors and employment hubs, reinforcing long-term demand in high-growth multifamily markets.

JLL Capital Markets served as exclusive advisor to Thompson Thrift on the transaction. The team was led by Mark Gibson, Matthew Lawton, Danny Kaufman, Medina Spiodic, and Mackenzie Jones.

This financing expands Barings' $23.79 billion* real estate debt platform, which leverages the firm's direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate.

About Barings

Barings is a $442+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets, and capital solutions.

*Assets under management as of March 31, 2025

About Thompson Thrift

Since its founding in 1986, Thompson Thrift has grown from a locally focused development and construction company into a full-service, integrated enterprise with a national scope. From its offices in Indianapolis and Terre Haute, Indiana; Denver; Houston; and Phoenix the company is engaged in all aspects of development, construction, leasing and management of quality multifamily and commercial projects. The company earned national recognition as a winner of a 2025 Top Workplaces USA award, the latest accolade that reflects the company's ongoing commitment to excellence in the community and workplace. For more information, please visit www.thompsonthrift.com.

About JLL

For over 200 years, JLL (NYSE:JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

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Barings Provides $548.5 Million Loan to Refinance National Multifamily Portfolio Developed by Thompson Thrift