$165M Financing for Large Retail Portfolio Closes

WASHINGTON, DC-From its office in the District, CB Richard Ellis real estate investment subsidiary LJ Melody & Co. closed on a $165-million permanent financing package for the First Washington Realty/CalPERS Shopping Center Portfolio, a grouping of 12 retail properties accounting for nearly 1.8 million sf of space and spanning five states. Allstate Life Insurance Co. is providing the loan.

LJ Melody’s Joe Donato, who arranged the deal along with colleagues Paul Dougherty and Maury Zanoff, tells GlobeSt.com that First Washington/CalPERS “was looking to take advantage of the historically low interest rates, and to lock up a long-term fixed-rate loan for that project.”