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NEWPORT BEACH, CA-A partnership of the locally based Koll Co. and thePublic Employee Retirement System of Idaho, called Koll/PER, has arranged for $63 million in new financing through GE Real Estate for a nine-property office and industrial portfolio. The class B office and industrial portfolio consists of properties in Arizona, California and Texas.

According to GE, Koll sought the loan to free capacity on its credit line, which in turn will enable the firm to pursue its “aggressive acquisition strategy” for the second half of 2008. The initial funding on the first-mortgage transaction was $56 million, according to GE, which describes the properties as a 744,851-sf portfolio in five metro areas: Houston, Dallas, Texas, Phoenix, Orange County and Los Angeles. Newport Beach-based Koll acquired the nine properties, which are occupied by more than 180 tenants, over the previous 30 months in all-cash transactions using its line of credit.

Jay Spurgiasz, vice president of finance for the Koll Co., points out that “The credit markets were fluctuating dramatically from the time we signed the original commitment until the close.” He notes that GE Real Estate held its pricing and terms throughout the entire process, adding that Koll expects “more deals to come.” with GE.

Koll’s managing principal, Bryan McGowan, adds that GE structured “a complex commitment covering a geographically-diverse portfolio.” The loan provides partial releases and allows Koll to add and/or substitute assets within the cross-collateralized pool.

CS Capital Management, Inc. serves as adviser to the Public Employee Retirement System of Idaho.

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