Dealmaker: JLL Arranges $84M for Office, Retail

JLL Capital Markets, Chicago, arranged $83.5 million in financing for office and retail properties in Virginia and Massachusetts.

In Tysons, Va., the firm secured $50 million for Eastboro V, a 223,000-square-foot Class A office building. The Meridian Group, New York, received a five-year floating-rate loan through a national bank.

Eastboro V is located at 8251 Greensboro Dr. adjacent to the Greensboro Metrorail station in northern Virginia. It is within walking distance of The Boro, a 4.25 million-square-foot mixed-use project developed by The Meridian Group with a 70,000-square-foot Whole Foods grocery store and numerous restaurants and bars as well as commercial space.

The nine-story property delivered in 1996 as a build-to-suit for Booz Allen Hamilton, which occupies the entire facility as its global headquarters.

The JLL Capital Markets team representing the borrower was led by Senior Directors Paul Spellman, Dan McIntyre, Rob Carey and Director Drake Greer.

“We continue to see attractive capital for well-leased office assets with credit quality and term, as evidenced by this execution, which was a new entrant to the market and a first-time relationship for our borrower,” said Spellman.

JLL also arranged a $33.56 million refinancing for Saugus Plaza shopping center, a 208,500-square-foot retail center in inner Boston suburb Saugus, Mass. It represented borrower Finard Properties, Boston, and placed the fixed-rate loan with HarborOne Bank, Brockton, Mass. as agent and Salem Five Bank, Salem, Mass., as co-lender. Loan proceeds will build out the grocery space for a national credit grocery to open at the center next year.

The debt placement team was led by JLL Executive Managing Director John Fowler, Senior Managing Director Chris Angelone, Managing Director Brett Paulsrud and Associate Amy Lousararian.

“While the pandemic has created significant challenges in the retail market, it is important to note that the availability of capital remains intact for well-located, anchored retail,” said Paulsrud.