JLL arranges refinancing for Philadelphia retail center

Loan proceeds will be used to complete the borrower’s value-add business plan at the ShopRite-anchored center

March 31, 2020

PHILADELPHIA, March 31, 2020 – JLL Capital Markets announced today that it has arranged a refinancing for Penrose Plaza, a 263,847-square-foot, grocery-anchored shopping center in Philadelphia, Pennsylvania.

JLL worked on behalf of the borrower, a joint venture between Onyx Equities and Siguler Guff, to place the five-year, fixed-rate loan with AXA Equitable Life Insurance Company. Loan proceeds, which include an initial and future funding, will be used to refinance an existing loan and finish implementing the borrower’s value-add business plan.

Penrose Plaza is anchored by ShopRite, the dominant grocery anchor in the region. ShopRite recently extended its lease and expanded its footprint at the center, which is also home to a diverse roster of mostly service-oriented, restaurant and internet-resistant tenants such as dd’s DISCOUNTS, Planet Fitness, Dollar Tree, Citi Trends and Subway. Situated on 30 acres at 2900-3000 Island Ave., Penrose Plaza is in South Philadelphia, approximately six miles from Center City in an exceptionally dense trade area with a population of 147,560 within a three-mile radius. The retail center has direct access to some of the most heavily traveled thoroughfares in the region and benefits from proximity to the large employee bases at Philadelphia International Airport, University of Pennsylvania, the Navy Yard and more.

The JLL Capital Markets debt placement team was led by Managing Director Steve Klein and Senior Managing Director Ryan Ade.

“JLL is grateful to have had the opportunity to work alongside Onyx Equities, Siguler Guff and AXA Equitable Life Insurance Company on this transaction,” Klein said. “The borrower has greatly enhanced the shopping center since taking ownership, and we are looking forward to the completion of their value-add business plan, which will further improve the property for both shoppers and tenants alike.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Onyx Equities

Onyx Equities is a fully integrated real estate investment company that specializes in acquiring and repositioning undervalued properties in the New York Tri-state region. Since its inception in 2004, Onyx has purchased and repositioned over 10 million square feet of commercial office, industrial, retail, and residential buildings. Onyx has completed over 65 transactions, with an aggregate transaction value of $1B on behalf of three private equity funds and a direct investment platform. Onyx has successfully raised three closed-end private equity funds, with commitments totaling $120MM since inception and is in the process of raising $100 million for an open-end fund (Fund IV).

About Siguler Guff

Siguler Guff is a multi-strategy private equity investment firm which, together with its affiliates, has over $13 billion of assets under management. With more than 20 years of experience investing as a firm in the private markets, Siguler Guff seeks to generate strong, risk-adjusted returns by focusing opportunistically on market niches.