CalSTRS receives $992m in financing for 17-property national portfolio
The $243 billion California State Teachers' Retirement System and its adviser, PCCP, have received $991.77 million in financing for a geographically diverse, 17-property portfolio totaling more than 7 million square feet across major U.S. markets.
JLL Capital Markets worked on behalf of CalSTRS and PCCP to arrange the 10-year, fixed-rate loan with New York Life Insurance Co.
The portfolio’s five office assets comprise the majority of the portfolio’s value, with the remaining properties consisting of nine industrial and three multi-housing assets. The properties are located across major markets in seven states: California, Arizona, Texas, Tennessee, Georgia, Virginia and Massachusetts. The commercial property portfolio is leased to a diverse mix of creditworthy tenancy from varied industries, including financial ser