News release

JLL’s Retail Capital Markets group executes over $3B in financings YTD 2023

Although uncertainty within the capital markets remains, lenders are demonstrating strong interest in providing financing to retail properties

July 10, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

CHICAGO, July 10, 2023 – Despite rising interest rates and the everchanging capital markets landscape, JLL’s Retail Capital Markets team has announced its execution of over $3 billion in retail financings through year-to-date 2023, demonstrating an ability to secure lender interest for well-located retail centers.

“After recently solidifying our 2022 spot as the top overall debt intermediary by Mortgage Banking Association, we are pleased to see the success for the JLL Capital Markets debt platform thus far in 2023,” said Wally Reid, Senior Managing Director. “We look forward to JLL advancing as a major player in debt advisory financing as we continue to execute deals across all lender and asset types in the second half of the year.”

According to JLL’s Q1 2023 Outlook, regional and local banks remained the most active lender in retail with 44% of total transactions, followed by life companies with 20%. CMBS lenders have reemerged as an active participant in the retail sector. Additionally, retail has been one of the largest property types in several CMBS deals that have priced this year.

“Retail assets that have survived throughout the past several years—or those with supportable redevelopment plans—as well as have strong and experienced sponsorship willing to commit necessary capital, continue to be attractive to lenders,” said Senior Managing Director Claudia Steeb, who has led the financing efforts for several top transactions. “Understanding current lender or rating agency underwriting requirements and gaining sponsorship acceptance of these terms remain essential in successfully securing financing, especially for the larger retail properties.”

JLL Capital Markets’ top retail debt transactions for 2023 include:

  • The $425M refinancing of Miracle Mile Shops in Las Vegas, Nevada
  • The $275 million refinancing of Westfield Galleria at Roseville in Roseville (Sacramento), California
  • The $190 million refinancing of Legacy Place in Boston, Massachusetts
  • The $42 million refinancing of Promenade at Coconut Creek in Coconut Creek, Florida

Additionally, the JLL Retail Capital Markets platform is currently executing a wide array of financing of retail centers, ranging from unanchored strip centers to super regional enclosed malls.

“Despite prevailing challenges in the broader credit markets, liquidity is intact for high-quality real estate across asset types,” said Senior Managing Director Brett Paulsrud, Co-Head of JLL Capital Markets’ Boston Office and deal team member for Legacy Place and Promenade at Coconut Creek. “Retail fundamentals remain very strong on a national level, and as a result, lenders of all types remain active deploying capital into the space.”  

“We continue to see retail in a favorable position for financings as the fundamentals prove to be solid. Retail is now finding liquidity that was otherwise dedicated for other asset classes,” added Senior Managing Director Scott Aiese, who executed the refinancing of Bergen Town Center.

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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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