JLL Capital Markets Arranges $274.4M Refinancing for Six-Property West Coast Retail Portfolio
SEATTLE; BOISE, IDAHO; AND SALT LAKE CITY — JLL Capital Markets has secured $274.4 million in financing for a six-property portfolio of core-quality retail properties totaling 2.7 million square feet across Seattle, Boise and Salt Lake City.
The borrower is a joint venture between CenterCal Properties and a large pension fund and its advisors Principal and PCCP. The financing includes five separate 10-year, fixed-rate, non-recourse CMBS loans provided by JP Morgan Chase. Loan proceeds were used to retire existing debt and rebalance leverage across the portfolio.
The portfolio consists of four grocery-anchored shopping centers, one power center and one retail strip asset, all leased to a mix of national and credit-worthy tenants across various retail sectors.
Kevin MacKenzie, Bruce Ganong, Paul Brindley, Sam Godfrey and Spencer Bergthold of JLL represented the borrower in the financing.