NEWARK, N.J., Oct. 7, 2025 – PGIM’s real estate business has provided a $260 million fixed-rate acquisition loan to Bain Capital Real Estate and 11North for a retail portfolio across the Southeast U.S. region. JLL Capital Markets’ Debt Advisory team representing the borrower was led by managing director Chris Knight, senior director Mike DiCosimo and directors Matt Maksymec and Alex Staikos.
The portfolio spans 1,057,008 square feet and 10 assets across Florida and South Carolina, comprising a collection of Class-A retail centers anchored by Publix. Strategically located across Florida submarkets including Fort Lauderdale, Orlando, Tampa, and Palm Beach, as well as Charleston, S.C., the portfolio features a strong mix of national, regional and daily-needs tenants such as Bank of America, Chipotle, Starbucks, Chick-fil-A, Jersey Mike’s Subs, and McDonald’s.
“We’re pleased to provide financing for this grocery-anchored portfolio across the Southeast,” said Michelle Liu, executive director for PGIM’s real estate business. “With strong tenant demand, resilient consumer spending, and a diverse mix of tenants across these centers, this portfolio is well positioned to deliver durable performance. We look forward to supporting Bain Capital Real Estate and 11North in advancing this investment.”
“The strong operating fundamentals across all retail property types have substantially increased lender demand, with the grocery-anchored sector maintaining its position as one of the most sought-after categories,” said Chris Knight, managing director at JLL Capital Markets. “The portfolio’s exceptional tenancy, prime locations, and esteemed borrower resulted in a tremendous loan execution for Bain, 11North, and PGIM.”
ABOUT PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing more than $1.44 trillion in assets,1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and other retail investment vehicles. With 1,450+ investment professionals across 42 offices in 19 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.
PGIM’s real estate business is the world’s third-largest real estate investment manager, with $213 billion in gross assets under management and administration,2 and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
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 $23.4 billion and operations in over 80 countries around the world, our more than 112,000 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 BAIN CAPITAL REAL ESTATE
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $9 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms with approximately $185 billion of assets under management. For more information, visit baincapitalrealestate.com.
ABOUT 11NORTH PARTNERS
11North Partners is a real estate investment firm focused on curating a portfolio of retail investments diversified across markets and product types. With a focus on the intersection of superior performance and bold vision, the 11North team is dedicated to redefining the traditional approach to retail real estate.
The team’s combination of deep industry expertise, retailer and owner relationships, and blue-chip institutional partners provides unique insight into the ever-evolving retail landscape and unparalleled access to deal flow. 11North seeks to deliver attractive risk-adjusted returns through unlocking value across retail verticals including real estate ownership, debt and operating company investment. For more information, visit 11northpartners.com.
1 As of June 30, 2025.
2 As of June 30, 2025. Net AUM is $138 billion and AUA is $47 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024. This ranking represents AUM as of June 30, 2024. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.
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