SEATTLE, WA – JLL Capital Markets has arranged $274.4 million in financing for a more than 2.7-million-square-foot portfolio of six retail properties.
JLL arranged the five separate ten-year, fixed-rate, non-recourse CMBS loans with JP Morgan Chase, on behalf of the borrower, a joint-venture partnership between CenterCal Properties and a large pension fund, along with their advisors, Principal and PCCP.
The proceeds were utilized to retire existing debt and rebalance leverage across the portfolio.
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The portfolio's six properties are located throughout the West Coast markets of Seattle, WA, Boise, ID and Salt Lake City, UT.
The retail portfolio comprises four grocery-anchored shopping centers, one power center and one retail strip. The properties are leased to a mix of national and credit-worthy tenants.
JLL's team, comprising of executive managing director, Kevin MacKenzie, senior managing director, Bruce Ganong, senior managing director, Paul Brindley, associate, Sam Godfrey and analyst, Spencer Bergthold, represented the borrower.
"The assignment commenced pre-COVID, and closing on these transactions was a testament to the patience and flexibility of both the lender and the borrower," states Ganong.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
