JLL Capital Markets secured the debt financing for a portion of One Paseo, a flagship asset located in Del Mar Heights neighborhood
News release
02 August 2023
JLL arranges $375M in financing for generational mixed-use property in San Diego
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ORANGE COUNTY, August 2, 2023 – JLL announced today that it has arranged an eleven-year, non-recourse secured loan for $375 million, provided by New York Life Insurance Company and on behalf of Kilroy Realty Corporation (NYSE: KRC, “Kilroy”).
One Paseo is a world-class, mixed-use campus that spans across 36 acres located in San Diego’s vibrant submarket of Del Mar. The loan is secured by the portion of the company’s One Paseo campus that is on 23 acres, was developed in phases from 2019-2021 and is comprised of two office buildings, 608 apartment units and over 95,000 square feet of retail.
JLL’s Capital Markets Advisory team was led by Senior Managing Director Greg Brown and Directors Charlie Vorsheck and Samuel Godfrey.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About New York Life
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest1 mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.2
1 Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/05/2023. For methodology, please see http://fortune.com/fortune500/.
2 Individual independent rating agency commentary as of 10/18/2022: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).