SAN FRANCISCO,– JLL Capital Markets announced today that it has arranged $991.77 million in financing for a geographically diverse, 17-property portfolio totaling more than seven million square feet across major U.S. markets.
JLL worked on behalf of CalSTRS and their advisor, PCCP, to arrange the 10-year, fixed-rate loan with New York Life Insurance Company.
The portfolio’s five office assets comprise the majority of the portfolio’s value, with the remaining properties consisting of nine industrial and three multi-housing assets. The properties are located across major markets in seven states, including California, Arizona, Texas, Tennessee, Georgia, Virginia and Massachusetts. The commercial property portfolio is leased to a diverse mix of creditworthy tenancy from varied industries, including financial services, media, software, government, food, law, internet, e-commerce and healthcare.
JLL Executive Managing Director Kevin MacKenzie, Senior Managing Director Bruce Ganong and Managing Director Brian Torp represented the borrower. A support team of JLL’s Spencer Bergthold, Sam Godfrey, Bercut Smith and Andie Fezell assisted with the transaction.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
CalSTRS provides a secure retirement to more than 964,000 members whose CalSTRS-covered service is not eligible for Social Security participation. Members retire on average after more than 24 years in the classroom with a monthly benefit of approximately $4,547. Established in 1913, CalSTRS is the largest educator-only pension fund in the world. CalSTRS demonstrates its strong commitment to long-term corporate sustainability principles in its annual Global Reporting Initiative Sustainability Report.
Since 1998, PCCP has been providing commercial real estate debt and equity solutions in the U.S. Its hands-on investment management team has raised, invested or managed over $21.8 billion of institutional capital.