JLL Capital Markets arranged construction take-out financing for the new, Class A apartments 

SAN FRANCISCO, March 4, 2021 – JLL Capital Markets announced today that it arranged the $104 million refinance of City Gardens, a recently developed multi-housing property located in San Francisco, California. 

JLL worked on behalf of the borrower, Panoramic Interests, to secure the three-year, floating-rate loan through Ready Capital. 

City Gardens consists of 200 two-, four- and five-bedroom micro-units, boasting strategic, efficient design. The property totals 152,445 square feet and features fully furnished bedrooms and living areas, expansive windows with beautiful city views, 9’ ceilings and was sustainably built; including high-efficiency lighting and plumbing, laminated heat resistant glass and energy recovery ventilation. 

Located at 333 12th St. in the Western Mission/SOMA neighborhood, City Gardens is positioned near many shopping and grocery options, including Costco and Trader Joe’s, and various dining, bars and cafes. Additionally, the property is nestled between two burgeoning areas, including Hayes Valley; a revitalized neighborhood filled with high-end boutiques and vibrant restaurants and watering holes; and the Design District; which features renowned designer and furnishing showrooms. 

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Charles Halladay and Managing Directors Alex Witt and Jordan Angel, Associate Jonah Aelyon and Analyst Lauren Mezzanotte. 

Patrick Kennedy, CEO of Panoramic Interests, says, "Alex Witt, Jordan Angel and the JLL team did an amazing job in a challenging market. We were grateful to have them on our team.”

“Panoramic Interests has built an extraordinary high-density multi-housing building uniquely positioned to capture San Francisco’s renter demand,” says Angel. “The San Francisco JLL Capital Markets team feels fortunate to have been able to partner with the Panoramic Interests team to secure a refinance with Ready Capital, allowing for the lease up of City Gardens. This was a great loan closing with a best in class developer and lender.”

HOUSTON – JLL Capital Markets announced today that it has closed the sale of and arranged financing for The Gardens at Spring Shadows, a 384-unit independent living community in Houston’s Spring Branch submarket.

JLL served as the seller’s listing agent. Additionally, JLL’s debt placement team worked on the new owner’s behalf to arrange a three-year, floating-rate loan with two one-year extension options through Ready Capital. In addition to funding the acquisition, the balance of the loan will be used for the rehabilitation of the property.

The Gardens at Spring Shadows sits on 11.4 acres at 10100 Kempwood Drive to the east of Beltway 8 and accessible to U.S. Highway 290 and Interstate 10 in Northwest Houston. The property has an abundant amenity package, including social areas, dining room, kitchen, library, salon, putting green, dog park and two swimming pools. As part of their rent, residents also have access to a comprehensive list of concierge services such as transportation, community activities, social events, fitness classes, housekeeping services and wellness checks. Units average 740 square feet and feature open floor plans with available upgraded features, including plank flooring, new cabinetry, granite-look countertops, kitchen pantries, walk-in closets and in-unit washers and dryers.

The JLL Capital Markets investment advisory team representing the seller was led by Senior Directors Chris Young and Joey Rippel and Analyst Bailey Crowell.

JLL’s Capital Markets debt placement team representing the new owner was led by Senior Managing Director Mark Brandenburg and Associate Chad Russell.

The workforce housing community sits on six prime acres near Greenway Plaza in Central Houston

HOUSTON, October 2, 2019 – JLL announced today that it has closed the sale and arranged financing of The Place at Greenway, a 219-unit, garden-style apartment community in Central Houston.

JLL marketed the property exclusively on behalf of the seller, Redwood Capital Group. Additionally, JLL worked on behalf of the new owner to secure a five-year, fixed-rate acquisition loan from Ready Capital.

The Place at Greenway is situated on approximately six infill acres at 3333 Cummins Street immediately northeast of the intersection of Richmond Avenue and Weslayan Street in the Greenway Plaza submarket. The property consists of 15 two-story residential buildings with a mix of one- and two-bedroom units averaging 875 square feet. Community amenities include a swimming pool with sundeck, poolside cabanas with outdoor kitchen, modern clubhouse with lounge areas and kitchen, newly remodeled fitness center, yoga room, spin room, business center, pet station and covered parking. The property was 95% occupied at closing.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Chris Curry, Senior Managing Director Todd Marix, Directors Joey Rippel and Chris Young and Analyst Bailey Crowell.

“The Place at Greenway’s successful disposition is indicative of investor appetite for workforce housing in Central Houston,” Curry noted. “The property’s rent gap compared with new construction, its value-add potential and optionality for future alternative uses underscore the opportunities available for workforce housing assets in core locations.”

“According to Apartment Data Services, Central Houston has lost 5,773 net Class B, C and D units over the last 10 years, while adding 34,268 Class A units during the same timeframe,” Curry continued. “The diminishing supply of workforce housing, now less than 30% of available units in Central Houston, and the premium rents and returns obtainable on remaining communities such as The Place at Greenway were very attractive to investors.”

JLL’s Capital Markets team representing the new owner was led by Director Michael Johnson and Analyst Tolu Akindele.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

HOUSTON, TX – January 16, 2019 – HFF announces the sale and acquisition financing for Winding Trails, a 438-unit, garden-style apartment community in Southwest Houston.

The HFF team marketed the property exclusively on behalf of the seller, One Real Estate Investment.  GVA Real Estate Group purchased the asset free and clear of existing debt.  In addition, HFF’s debt placement team worked on behalf of the new owner to secure acquisition financing through Ready Capital Structured Finance.

Winding Trails is located at 10330 Wilcrest Drive near Beltway 8 and Interstate 69, which provides connectivity to Houston’s largest employment centers.  The nearly 14-acre property was originally developed in 1979 and encompasses a mix of one-, two- and three-bedroom units averaging 803 square feet with a range of amenities, including country kitchens with pass-through bars, wood plank flooring, oversized walk-in closets, washer and dryer connections, and private patios or balconies.

The HFF investment advisory team representing the seller included directors Joey Rippel and Chris Young and analyst Bailey Crowell.

HFF’s debt placement team representing the new owners was led by managing director Robert Wooten and director Michael Johnson.

“Assets like Winding Trails that have provable value-add potential remain limited in Houston and continue to be a draw for opportunistic buyers,” Rippel said.  “True value-add is an opportunity that smart buyers can’t pass up.”