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Deals & Dealmakers

JLL brokers sale of $150M Macquarie debt backed by mixed US portfolio

The loans are collateralized by industrial, office and multifamily assets across the US.

JLL Capital Markets sold a performing loan portfolio for Macquarie Private Debt, a division of Macquarie Asset Management.

The portfolio includes 11 floating-rate, first mortgage loans with a weighted-average spread of 3.83 percent over 30-day LIBOR.

The loans are collateralized by several preferred property types that include multi-housing (66 percent of portfolio unpaid principal balance), self-storage (27 percent) and office (seven percent) and are located across the United States.

The buyer acquired the performing loan portfolio for approximately $150 million.

Each loan is structured with a LIBOR floor, an increasingly prevalent structure among lenders following recent market events.

The loans are current and in good-standing with loan metrics that include a weighted-average debt-service coverage ratio of 1.30 times and a weighted-average debt yield of 7.5 percent.

The JLL professionals who handled the sale assignment include director Stephen Van Leer and managing director Sean Ryan.

“The portfolio provided the unique opportunity for the buyer to acquire a set of performing, light-transitional loans associated with strong sponsorship and high-quality real estate,” Van Leer said.

“The offering received unbelievable market reception, mainly in part by the portfolio’s varying asset locations and product types that created an attractive, risk-diverse pool for investors.”

“We view this sale as a great example as to how some bridge lenders have opted to do a loan sale rather than a CLO execution,” Ryan added. “The entire process totaled 10 weeks and yielded the seller premium-to-par pricing.”

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