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News release

Philadelphia

JLL secures $173.25 million loan for Philadelphia’s The Curtis

Loan will refinance existing debt, fund future construction and leasing costs


​​​PHILADELPHIA, Oct. 9, 2017 – JLL's Capital Markets experts today announced the company secured a $173.25 million loan on behalf of Keystone Property Group to refinance The Curtis, a 912,244-square-foot mixed-use office, retail and residential building. TPG Real Estate provided the loan, which will retire existing debt and includes nearly $30 million of future funding to complete construction of 63 residential units and to provide capital for future leasing costs for the office and retail space.

The Curtis.jpgSenior Vice President Chad Orcutt led the JLL team on the financing.

"Keystone, as sponsor, has an excellent vision for this historic building," said Orcutt. "TPG Real Estate Finance recognized this exceptional opportunity to tap into Philadelphia's growing demand for creative office space and high-end residential units."

Located in the heart of Washington Square, The Curtis is primed to take advantage of the area's continued growth. More than $12.3 billion of development has taken place in Center City since 2007, and we continue to see a large component of that capital being invested in this area.

The Curtis also features prime frontage on Walnut Street, one of Philadelphia's top shopping corridors. The building includes 52,443 square feet of retail, including a soon-to-be opened P.J. Clarkes and a high-end wine and whiskey bar.

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 2016 alone, JLL Capital Markets completed $136 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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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.​​