$65M in financing arranged for a six-building office and retail campus in West Los Angeles
JLL Capital Markets secured a $65 million loan for Wateridge
LOS ANGELES, Apr. 2, 2024 – JLL Capital Markets announced today that it arranged $65 million in refinancing for Wateridge, a six-building, office and retail campus totaling 583,580 square feet in West Los Angeles, California.
JLL worked on behalf of the borrower, LPC Realty Advisors I, LLC, an investment advisory affiliate of Lincoln Property Company to secure the five-year, fixed-rate financing with Deutsche Bank.
Built between 1989 and 2005, Wateridge’s campus spans 21 acres and consists of three multi-tenant office buildings, a single-tenant medical office, a standalone 24-hour fitness facility and a multi-tenant strip retail center. The property is 80 percent occupied and leased to credit-tenants including Kaiser Health Foundation, the County of Los Angeles and Providence Health.
The JLL Capital Markets team was led by Managing Directors Todd Sugimoto and Mark Wintner and Director Chad Morgan.
“The LPC team has done a terrific job transforming Wateridge since their initial acquisition,” said Morgan. “The combination of strong cash flow and institutional ownership within West Los Angeles were instrumental to the successful refinance. We greatly appreciate the efforts amongst all parties involved to execute in today’s challenging environment.”
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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About Lincoln Property Company
Lincoln Property Company (“Lincoln”) is one of the largest diversified real estate services companies with 35 offices across the United States, the United Kingdom and Europe. Offering a comprehensive suite of real estate solutions, Lincoln manages, leases, develops, and provides advisory services to owners and occupiers of office, life science, retail, industrial, data center, production studio, and mixed-used properties. Lincoln's combined management and leasing portfolio on behalf of institutional clients includes approximately 500 million square feet of commercial space. In addition to providing third party real estate services, Lincoln, which was founded in 1965, has principally acquired and developed more than $24 billion and 62 million square feet of commercial projects since 2018. For more information, visit: lpc.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.