JLL arranges refinancing for Philadelphia retail center

PHILADELPHIA, PA — JLL Capital Markets has arranged a refinancing for Penrose Plaza, a 263,847 s/f, grocery-anchored shopping center in Philadelphia. JLL worked on behalf of the borrower, a joint venture between Onyx Equities and Siguler Guff, to place the five-year, fixed-rate loan with AXA Equitable Life Insurance Co. Loan proceeds, which include an initial and future funding, will be used to refinance an existing loan and finish implementing the borrower’s value-add business plan. The JLL Capital Markets debt placement team was led by managing director Steve Klein and senior managing director Ryan Ade. “JLL is grateful to have had the opportunity to work alongside Onyx Equities, Siguler Guff and AXA Equitable Life Insurance Co. on this transaction,” Klein said. “The borrower has greatly enhanced the shopping center since taking ownership, and we are looking forward to the completion of their value-add business plan, which will further improve the property for both shoppers and tenants alike.” READ MORE


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