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JLL Capital Markets secured a $140 million financing package for Crossings at Corona, an 833,995-square-foot retail power center in Corona. The borrower, Castle & Cooke, was represented by JLL’s Debt Advisory team led by managing director John Marshall and supported by director Spencer Seibring and analyst Nick Englhard. The loan was arranged through Deutsche Bank AG.
According to Marshall, the strong performance of the retail sector has attracted lenders to this project. He also noted that Castle & Cooke’s reputation as well as their experienced management team made them an attractive borrower. Through JLL’s efforts in creating a competitive market with both bank and non-bank balance sheet bids, Castle & Cooke was able to secure favorable swap pricing despite challenging market conditions.
Built in 2005, Crossings at Corona is anchored by Target with additional sub-anchors including Marshall’s Kohl’s Ross HomeGoods Sportsman’s Warehouse Burlington Regal Cinemas along with other national retailers and restaurants offering shoppers a diverse mix of shopping and entertainment options.
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