17-Property Portfolio Gets $992M in Financing
Financing to the tune of $991.77 million was arranged for a 17-property portfolio totaling more than 7 million square feet across major US markets on behalf of CalSTRS and its advisor, PCCP.
SAN FRANCISCO—Financing to the tune of $991.77 million was arranged for a 17-property portfolio totaling more than 7 million square feet across major US markets. JLL capital markets 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 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.