NEW YORK, June 1, 2023 - JLL announced today that it has arranged senior mortgage financing of a retail portfolio, owned by Crow Holdings Capital ("CHC"). The loan is part of the larger $1.8B recapitalization of the portfolio, which includes a joint venture with CHC and a global institutional investor.

Additionally, the 173 properties are held in Crow Holdings Capital's Retail Fund I and Retail Fund II, and an affiliate of JLL, Jones Lang LaSalle Securities, LLC, acted as a financial advisor to the general partners of both funds, rendering a fairness opinion in connection with the $1.8 billion recapitalization.

The portfolio consists of unanchored, small-format, convenience-oriented, open-air, food and service strip malls located in over 30 states across the U.S. with a focus on dense and affluent markets near major population and employment hubs.

The JLL team was led by Managing Director Sheheryar Hafeez, Senior Managing Directors Andy Scott and Michael Cosby, Executive Managing Director Trey Morsbach, Associates Gabriela Niemiec and Bo Beidleman and Analyst Matthew Lucas.

"The transaction represents a significant milestone for the storied Crow Holdings Capital platform, as well as the strip center retail sector at large," said Hafeez. "Crow Holdings Capital and its partners deserve the credit in being the pioneering institutional entrant in the space and for successfully executing on the strategy of amassing a highly attractive, institutional-quality scaled small-format retail portfolio."

"The transaction is a testament to the long-term stability of well-located, small-format retail assets, which have performed exceptionally well through the challenges of a pandemic and uncertain capital markets," added Scott. "It is validated by the number of new lenders entering the space seeking consistent cash flow with operational upside."

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Jones Lang LaSalle Inc. published this content on 01 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 June 2023 04:42:06 UTC.