Six-Property Portfolio Gets Leverage Rebalance, Debt Retirement of $274M
A large finance assemblage of $274.4 million was secured for a six-property portfolio of core-quality retail properties totaling more than 2.7 million square feet in major West Coast markets. Proceeds were used to retire existing debt and rebalance leverage across the portfolio.
The portfolio’s properties are located in the West Coast markets of Seattle, Boise and Salt Lake City. The retail portfolio consists of four grocery-anchored shopping centers, one power center and one retail strip asset. The centers are all leased to a mix of national and creditworthy tenants across various retail sectors including notable grocers and e-commerce-resistant retailers in the food and beverage, entertainment, health and wellness, and lifestyle sectors.
JLL worked on behalf of the borrower, a joint venture between CenterCal Properties and a large pension fund, along with advisers, Principal and PCCP, to arrange five separate 10-year fixed-rate non-recourse CMBS loans with JP Morgan Chase. Kevin MacKenzie, Bruce Ganong and Paul Brindley represented the borrower with a JLL support team that included Sam Godfrey and Spencer Bergthold.