SAN FRANCISCO– JLL Capital Markets announced 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.