LaSalle to Acquire Majority Stake in Latitude Management Real Estate Investors

CHICAGO — LaSalle Investment Management, an arm of Chicago-based JLL, has entered into an agreement to make a majority acquisition of the $1.2 billion debt fund business of Latitude Management Real Estate Investors. The transaction is expected to close during the first quarter of 2019. Latitude is a commercial real estate lender providing short-term, floating-rate loans against middle-market commercial real estate assets. Latitude’s primary focus has been originating new bridge loans for value-add and transitional properties in sustainable growth markets throughout the United States. Upon closing, the Latitude debt business will join LaSalle’s North America Private Equity platform, which comprises $21 billion of the company’s total $60 billion in assets under management and is led by Americas CEO Jason Kern. Nathaniel Marrs, Allen Ashley, Richard Ashley, Jason Veit and Amy Kluesner of DLA Piper represented LaSalle. Berkshire Capital served as financial advisor and Sheppard Mullin acted as legal advisor to Latitude.