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JLL secures $57.5 million in acquisition financing for Gateway Plaza in Richmond, Virginia
RICHMOND, VA, Feb. 24 2016 – JLL’s Capital Markets experts today announced the firm has secured, on behalf of an affiliate of Lexington Realty Trust, $57.5 million in acquisition financing for Gateway Plaza, a 330,000-square-foot office and retail property located in Richmond, Virginia. An undisclosed lender provided the 15-year, interest-only loan.
Managing Director Dustin Stolly, Senior Vice President Jonathan Paine and Vice President Aaron Niedermayer led the JLL team on the transaction while Executive Vice President Mike Yavinsky provided local market expertise. “New office product, owned by best-in-class sponsorship, continues to attract large swaths of low-cost and efficient debt capital,” said Stolly. Added Paine, “Gateway Plaza is Richmond’s premier office property, simultaneously boasting high-quality tenancy and growth opportunities through large blocks of contiguous space.” The 18-story trophy property was completed in August 2015 and features state-of-the-art finishes and panoramic views of downtown Richmond and the James River. Additional on-site amenities include 202 tenant-reserved parking spaces, valet parking, and car wash and concierge services. 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 a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe. For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
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About JLLJLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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