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U.S. Bancorp, Wells Fargo Bank and Blackstone Group purchase portfolio of a 13 loans in major U.S. markets
NEW YORK, June 19, 2012 — On behalf of Eurohypo AG, New York Branch, Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of $760 million in loans, secured by a portfolio of office, retail, industrial and multifamily assets located in major markets around the United States. US Bancorp, Wells Fargo Bank and Blackstone Group purchased the 13 floating-rate, performing loans for a collective price in the mid-90’s (as a percentage of par).
Managing Director and Global Loan Sales Leader Peter S. Nicoletti led the Jones Lang LaSalle team on this transaction, along with Managing Director Jere Lucey and Senior Vice Presidents Dustin Stolly and Maggie Coleman.
“The U.S. market for loan sales has matured significantly over the past several years; the low discount to par we were able to achieve on this sale is proof of that,” said Nicoletti. “This portfolio was high-quality, seasoned paper that offered these investors an opportunity to acquire a significant performing loan portfolio.”
The notes were collateralized by a diverse pool of high quality assets across a broad spectrum of product types include office, retail, multifamily, industrial and land. The portfolio’s significant New York concentration was complemented by loans collateralized by assets located in top-tier metropolitan markets including San Francisco, Boston, Miami, Houston and Chicago.
The Jones Lang LaSalle Special Asset Services and Loan Sale team has valued, sold and/or advised on more $39.4 billion of commercial real estate loans since 2010.
Jones Lang LaSalle 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 a sale, financing, repositioning, advisory or recapitalization execution. In 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.
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About Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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