$215M refinancing arranged for mixed-use portfolio in Pennsylvania and Maryland
JLL Capital Markets secured financing for the 30-property retail, medical office and office portfolio on behalf of Paramount Realty
NEW YORK, N.Y., May 4, 2022 – 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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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Paramount Realty
Paramount Realty remains committed to its core philosophy: combining local knowledge with broad and deep experience, and a dedication to maintaining strong personal relationships with retailers, shoppers and investors. In doing so, Paramount has created a retail portfolio of more than 15 million square feet throughout the Northeast. The acquisition of LMS Commercial Real Estate expanded the geographic reach along with the scope and breadth of expertise. With over 60 industry professionals, Paramount Realty is a full-service retail real estate company specializing in development, leasing, management, tenant representation and third-party brokerage.