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JLL executes $97 million refinancing for Crown Retail Portfolio
Capitalizing on strong tenants and high-traffic locations, JLL's Capital Markets experts today announced the firm executed a $97 million refinancing on behalf of Crown Acquisitions Inc. for the Crown Retail Portfolio, a seven property portfolio with locations in Brooklyn and Queens. A global investment bank provided the loan.
Managing Director Aaron Appel, Senior Vice President Mark Fisher and Vice President Mark Kindrachuk led the JLL team on the transaction.
"The portfolio features credit-grade tenants with long-term leases in Brooklyn and Queens' highly trafficked areas," said Appel. "Driven by experienced sponsorship, this portfolio is well-positioned to continue its strong performance."
The Brooklyn portion of the Crown Retail Portfolio features five Walgreens locations, one TD Bank and one Northfield bank location, all within New York's third largest central business district. In Queens, New York's second most populated burrow with 2.3 million residents, the portfolio's assets include a CVS location, Duane Reade and a Planet Fitness location.
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.
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JLL (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.