JLL Capital Markets announced today that it has arranged $215 million for the refinancing of a 30-property portfolio totaling 1.67 million square feet of retail and medical and traditional office space across markets in eastern and central Pennsylvania and Baltimore, Maryland.
JLL worked on behalf of the borrower, Paramount Realty, to place the three fixed-rate loans with Investors Bank, A Division of Citizens Bank, N.A.; Oceans First Bank and Provident Bank.
The portfolio comprises nine grocery-anchored retail centers, nine single-tenant retail properties, four neighborhood retail centers and eight medical and traditional office properties.
The JLL Capital Markets team representing the borrower was led by Senior Director David Sitt, Director Stephen Van Leer, Director Eliott Zeitoune, Vice President Chris Pratt and Analyst George Kordahl.
“This was a terrific execution for Paramount Realty and is telling of the financing market’s continued appetite for high-quality retail backed by premier owners,” Sitt said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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