March 24, 2020
JLL Capital Markets 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 its 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’s Kevin MacKenzie, Bruce Ganong and Brian Torp represented the borrower. A support team of JLL’s Spencer Bergthold, Sam Godfrey, Bercut Smith and Andie Fezell assisted with the transaction.
*Pictured above CalSTRS HQ in Sacramento
For comments, questions or concerns, please contact Dennis Kaiser