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
Joseph N. DiStefano
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.
