PGIM provided a $260 million fixed-rate acquisition loan to Bain Capital Real Estate and 11North for a retail portfolio across the Southeast U.S. region.
The portfolio spans 1,057,008 square feet and 10 assets across Florida and South Carolina, comprising a collection of Class-A retail centers anchored by Publix. Located across Florida’s submarkets, including Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, SC, the portfolio features a strong mix of national, regional, and daily-needs tenants, such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s Subs, and McDonald’s.
JLL Capital Markets’ Debt Advisory team, representing the borrower, was led by Chris Knight, Mike DiCosimo, Matt Maksymec and Alex Staikos.
“The strong operating fundamentals across all retail property types have substantially increased lender demand, with the grocery-anchored sector maintaining its position as one of the most sought-after categories,” said JLL’s Knight.
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