Industrial Logistics Properties Trust closed on a $350 million mortgage loan secured by a portfolio of 11 properties across eight U.S. states.

The 10-year loan is set to mature in November 2029 and carries a fixed interest rate of 3.33% per annum.

Proceeds from the loan are expected to reduce outstanding borrowings under the real estate investment trust's $750 million unsecured revolving credit facility.

The loan was provided by Morgan Stanley, UBS Investment Bank and Bank of America.

The portfolio totals roughly 8 million square feet, and Industrial Logistics' cost basis in the portfolio is $556.8 million. The fully leased portfolio had a weighted average remaining lease term of 7.1 years as of Sept. 30.

Tremont Realty Advisors served as the company's adviser, and Sullivan & Worcester LLP provided legal counsel.