JLL arranges $260M in refinancing for East Market mixed-use development
Project consists of residential, retail, office, signage and structured parking located in Center City, Philadelphia
PHILADELPHIA, February 14, 2022 – JLL’s Capital Markets group announced today that it has secured a $260 million loan for East Market, a mixed-use project with residential units, retail, office and parking in the Market East neighborhood of Philadelphia, Pennsylvania.
JLL represented the borrower, a joint venture between National Real Estate Advisors, LLC (National), JOSS Realty Partners, SSH and Young Capital, to secure the financing through Pacific Life Insurance Company.
Developed by National Real Estate Development, East Market is a multi-phased, mixed-use development that has reimagined an entire city block into a vibrant community incorporating retail, dining, working, living and hospitality spaces. The project, which spans from Market to Chestnut and 11th to 12th streets, is the combination of two contemporary multi-housing residential buildings containing 562 units, 120,000 square feet of complementary retail, the adaptive reuse of a 100-year-old warehouse building into creative office space and 177 subterranean parking spaces.
The project also includes the renovation of a historically significant office building into an award-winning boutique hotel, as well as a 19-story medical building for Thomas Jefferson University and Jefferson Health that will centralize an array of clinical services into a Specialty Care Pavilion for a seamless patient experience.
Upon completion, the project will have more than one million square feet of new development and over $1 billion in new investment. The critical mass of projects has allowed for the creation of a new neighborhood, which is anchored by a curated mix of restaurants and retail. The neighborhood is also a transportation hub for SEPTA’s Regional Rail lines, providing service to suburbs and Philadelphia International Airport. The Market-Frankford Line, SEPTA and New Jersey Transit buses and the Broad Street Line provide passengers multiple options of transportation within the city.
JLL’s Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Chad Orcutt and Associate Blaine Fleming.
“This transformative project was an exciting assignment and was extremely well-received by lenders,” said Orcutt. “We could not be more pleased with the execution by Pacific Life and the outcome for our client, who trusted us with this assignment.”
JLL’s Capital Markets group 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 and sales 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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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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About National Real Estate Advisors, LLC
National Real Estate Advisors, LLC is an investment manager specializing in a build-to-core strategy, developing and managing large-scale, urban commercial and multifamily projects for its institutional client accounts. National constructs investment portfolios of modern property assets—apartment, office, mixed use, medical, industrial (including data centers) and hotel—with design features, technological enhancements, and amenities that drive high tenant demand and can create value for investors. National is an independently operated subsidiary of the National Electrical Benefit Fund ("NEBF"), a substantial pension trust with a significant amount of assets that are managed by National on a discretionary basis. For more information, please visit natadvisors.com.