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 centers totaling 2.7 million square feet across Seattle, Boise and Salt Lake City. The borrower is a joint venture between CenterCal Properties, 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 center. Kevin MacKenzie, Bruce Ganong, Paul Brindley, Sam Godfrey and Spencer Bergthold of JLL represented the borrower in the financing.
JLL Capital Markets Arranges $274.4 Million Refinancing for Six-Property West Coast Retail Portfolio