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JLL secures $64.4 million in permanent financing for General Electric @ The Banks
CINCINNATI, Nov. 1, 2016 – Capital is freeing up as investors look to take advantage of downtown Cincinnati's revitalization efforts. On behalf of 90 North Real Estate Partners and KAMCO, JLL's Capital Markets experts today announced the firm secured $64.4 million in permanent financing for the acquisition of General Electric @ The Banks, a 338,146-square-foot build-to-suit Class A office tower in downtown Cincinnati. Principal Real Estate Investors provided the loan.
Managing Director Keith Largay and Vice President Fiorentina Malko led JLL's financing efforts.
"This financing allows our client to acquire a top-flight asset within one of Cincinnati's premier master-planned communities," said Largay. "With stable, credit-worthy tenancy and the high-growth potential of the area, General Electric @ The Banks is truly one of the city's most coveted office assets."
The building is located within The Banks, a master-planned community that features hotel, retail, residential and office spaces along the Ohio River in downtown Cincinnati. It is flanked by Paul Brown Stadium and Great American Ballpark, home to the NFL's Cincinnati Bengals and the MLB's Cincinnati Reds. Upon completion, The Banks will include 1,800 residential units, 400 hotel rooms and more than 1 million square feet of office space.
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. JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 60,000. On behalf of its clients, the company 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. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 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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