Allianz writes $200m loan to Clarion Partners fund for mixed-use US portfolio

Allianz Real Estate of America has provided a $200 million (€183 million) loan to a comingled fund managed by Clarion Partners to finance a mixed-use US property portfolio.

Allianz Real Estate of America has provided a $200 million (€183 million) loan to a co-mingled fund managed by Clarion Partners to finance a mixed-use US property portfolio.

The loan is secured by 10 properties located across the US including five multi-family apartment buildings containing 1,006 units, three industrial properties comprising 1.3 million square feet of space and two retail assets containing 123,700 square feet.

The 10-year facility is understood to have been priced at an all-in cost of 3.7 percent and reflects a loan-to-value ratio of just below 60 percent.

The multi-family properties are located in Lexington (Massachusetts), Montclair (New Jersey), Austin (Texas), Rohnert Park and Ladera Ranch (both in California). The industrial properties are located in Denver as well as Hayward and Whittier in California. The two retail assets are located in Savannah, Georgia and Austin.

Allianz's New York HQ
Allianz’s New York HQ

The US arm of Allianz Real Estate acts as a principal on behalf of the Allianz Group insurance companies and makes equity and debt investments. The unit writes commercial mortgage loans, typically providing long-term, fixed-rate debt secured by office, industrial, retail, healthcare and multifamily properties.

The latest deal follows a $156 million loan written by Allianz to finance a Chicago office tower in November. The loan, to PNC Realty Investors, financed the $320.5 million acquisition of 333 West Wacker Drive in Chicago’s West Loop.

Clarion Partners has more than $38.2 billion in total assets under management including properties across the risk spectrum on behalf of more than 200 domestic US and international institutional investors.

HFF’s debt placement team represented the borrower.

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