PITTSBURGH-HFF is securing a $100-million credit facility for McMorgan & Co. from PNC Bank. Replacing an existing unsecured facility, the terms have the floating rate facility for four years. The unsecured facility was run by McMorgan’s Institutional Real Estate Fund.
The loan will allow for the fund to have better acquisition capabilities. McMorgan has been active in the first half. In May of 2011, the real estate investment advisor purchased 250 Montgomery St. in its headquarters city of San Francisco, an office with a retail component measuring 116,078 square feet, for $37 million, as well as a $9.9-million acquisition of 19005 64th Ave. South in Kent, WA, a fully-occupied warehouse and distribution facility.
McMorgan is a subsidiary of New York Life Investment Management Holdings, LLC. HFF represented McMorgan with John Pelusi, Trey Morsbach and Mike Tepedino, as well as Todd Newman.
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