The California State Lecturers’ Retirement System (CalSTRS) has secured $991.8 million in financing for a 17-property mixed-asset portfolio that spreads throughout seven states.
The 10-year, fixed-rate mortgage was offered by New York Life Insurance coverage Firm, in accordance with JLL, which introduced the settlement and organized the financing for CalSTRS. New York Life Insurance coverage Firm, CalSTRS and JLL didn’t instantly reply to requests for remark.
The portfolio spans greater than seven million sq. ft with 5 workplace belongings, 9 industrial properties and three multi-housing belongings. They’re positioned in California, Arizona, Texas, Tennessee, Georgia, Virginia and Massachusetts.
The properties are leased to tenants from assorted industries, together with monetary companies, media, software program, authorities, regulation, e-commerce, and healthcare, and extra.
Final week, CalSTRS CEO Jack Ehnes introduced that he’ll postpone his deliberate September retirement till the tip of June 2021 on the request of the Lecturers’ Retirement Board. The transfer will assist make sure the retirement fund system can keep its focus and reply to the coronavirus disaster.
With greater than 964,000 members, CalSTRS is the biggest educator-only pension fund on the planet with roughly $246 billion in belongings, and it has been lively with completely different asset courses across the nation. For instance, in December, CalSTRS and Beacon Capital Companions secured $240 million from PGIM Actual Property Finance to accumulate a 780,000-square-foot Financial institution of America Tower in Houston.
JLL’s Kevin MacKenzie, Bruce Ganong and Brian Torp represented CalSTRS in arranging the mortgage with New York Life Insurance coverage Firm. JLL’s Spencer Bergthold, Sam Godfrey, Bercut Smith and Andie Fezell additionally assisted with the transaction.