JLL completes $260 million refinancing for Eastern Market mixed-use development
PHILADELPHIA CREAM, February 14, 2022 /PRNewswire/ — JLLCapital Markets Group of today announced that it has been awarded a $260 million ready for East Market, a mixed-use project with residential units, retail, offices 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.
Developped by National real estate development, East Market is a multi-phase, 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 stretches from Market to Chestnut and 11and at 12and streets, is the combination of two contemporary multi-unit residential buildings containing 562 units, 120,000 square feet of complementary retail, the adaptive reuse of a 100-year-old warehouse into creative office space, and 177 underground 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 which will centralize a range of clinical services in a specialty care pavilion for a seamless patient experience.
When complete, the project will have over one million square feet of new development and more $1 billion in new investments. The critical mass of projects has created 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, serving suburbs and philadelphia cream International airport. Market-Frankford Line, SEPTA and New Jersey Transit buses and the Broad Street Line provide passengers with multiple transportation options around the city.
JLL’s Capital Markets Debt Advisory team representing the borrower was led by the Senior Managing Director Chad Orcutt and partner Blaine Fleming.
“This transformation project was an exciting assignment and was extremely well received by lenders,” said Orcutt. “We couldn’t be happier with the execution by Pacific Life and the outcome for our client, who entrusted us with this assignment.”
JLL’s Capital Markets Group is a global, full-service provider of capital solutions for real estate investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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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 commercial and multi-family urban projects for its institutional client accounts. National builds investment portfolios of modern real estate assets – apartments, offices, mixed-use, medical, industrial (including data centers) and hotel – with design features, technology upgrades and amenities that drive strong demand from tenants and can create value for investors. National is an independent subsidiary of the National Electrical Benefit Fund (“NEBF”), a large pension trust with a significant amount of assets managed by National on a discretionary basis. For more information, please visit natadvisors.com.
JLL (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. JLL is shaping the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, incredible spaces, and sustainable real estate solutions for our clients, associates, and communities. JLL is a Fortune 500 company with annual revenue of $16.6 billionoperations in over 80 countries and a global workforce of over 95,000 people September 30, 2021. JLL is the brand name and a registered trademark of Jones Lang LaSalle Incorporated. For more information, visit jll.com.
Contact: Jenna Sharp, JLL Associate, Public Relations
Call: +1 214 394 3356
E-mail: [email protected]