Saturday, March 28, 2015

Calif. pension fund pumps $800M to Main Line investor

Cal Teachers' pension system backs LCOR, the former Linpro,

Calif. pension fund pumps $800M to Main Line investor

The California State Teachers’ Retirement System (CalSTRS) says it's invested ,pre tjam $800 milllion for a majority stake of Berwyn-based property developer LCOR, a succcessor to the former Linpro and its national portfolio of more than 7,000 apartments and 7 million sq ft of commercial real estate, mostly in the New York-Washington corridor. CalSTRS replaces Lehman Bros., the highly-leveraged Wall Street investment bank that was mortally wounded in the 2008 credit crisis, as LCOR's major financial partner.

“LCOR has enjoyed a longstanding relationship with CalSTRS in an existing multifamily partnership," said LCOR boss Peter DiLullo in this statement. 

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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