JP Morgan is securitizing a portion of a $557 million loan backed by a portfolio of 103 office buildings and “flex” properties, which have multiple uses, such as office space, manufacturing and warehouse distribution.

Workspace Property Trust, a real estate investment trust founded last year by former Mack-Cali Realty executives, used the loan to help finance the acquisition of the property from another REIT, Liberty Property Trust. The remainder of the $969 million purchase price was funded with $259 million of mezzanine debt, $99 million of preferred equity, and $109.0 million of cash.

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