SAN DIEGO, CA – JLL Capital Markets announced today that it has closed the $203 million construction takeout financing for Vive Luxe, a Class A, 442-unit, multi-housing community in the Kearny Mesa submarket of San Diego, California.
JLL represented the borrower, Sunroad Enterprises, to secure the five-year bridge loan.
Built in 2022, Vive Luxe offers studio, one-, two- and three-bedrooms units with fully equipped gourmet kitchens, top-of-the-line stainless steel appliances, distinctive wood-style flooring, quartz countertops and open-concept living spaces. Additionally, the common areas include a pool clubroom, resort-inspired pool and spa, 24-hour fitness center, a resident wine lounge and a sky deck and ocean lounge.
Situated at 4890 Sunroad Centrum Ln., the property offers residents convenient highway accessibility with CA-163, I-805, CA-52 and I-163 less than four miles away. In addition to Kearny Mesa, the property is also proximate to other major employment centers, such as the University Towne Center/La, Sorrento Valley/Sorrento Mesa, Mission Valley and downtown San Diego. Residents benefit from the nearby Montgomery Field airport and the San Diego International Airport.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Aldon Cole and Tim Wright, Associate Bharat Madan and Analyst Mariah Feghali.
“This financing concludes the final capitalization on one of the most high profile, infill developments in San Diego’s recent history,” said Cole. “The debt market aggressively pursued the opportunity and held terms through a volatile time in the market, which emphasizes the long-term, irreplaceable nature of this marquis development.”
DALLAS – JLL Capital Markets announced today that it has closed the $58.3 million construction financing for The View at Sapphire Bay, a Class A, 394-unit, mid-rise multi-housing community located on the shore of Lake Ray Hubbard in Rowlett, Texas.
JLL represented the borrower, Zale Properties, to secure the eight-year, fixed-rate construction loan through Principal Global Investors.
Upon completion in May 2024, the five-story View at Sapphire Bay will consist of one-, two- and three-bedroom floorplans with an average unit size of 941 square feet. The units will feature open island kitchens, white custom cabinetry, full-size washers and dryers, designer pendant lighting, spacious walk-in closets, quartz and granite countertops, ten- to fourteen-foot ceilings, hardwood style flooring, stainless steel appliances and private balconies. Community amenities will include co-working office space, game rooms, resort-style pool, a cabana and grill house with outdoor fireplace, a state-of-the-art fitness center, a pet spa, a garden courtyard and kitchen and a landscaped picnic area.
The site is advantageously located within the master-planned, 116-acre, mixed use Sapphire Bay development, which will be anchored by a state-of-the-art, man-made lagoon and serve as a luxury resort destination within Texas.
Situated at 30 Dalrock Rd., the property will offer residents immediate access to Interstate-30, one of the primary thoroughfares in the region that runs straight into downtown Dallas. It is proximate to a diverse corporate environment with City Line Development and Telecom Corridor just 20 minutes away. Additionally, downtown Rockwall is across the lake from the project and offers over three million square feet of retail, including The Harbor Rockwall, Steger Town Crossing, Rockwall Crossing and Plaza Rockwall.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director John Brownlee along with Director Wilson Bauer.
SEATTLE – JLL Capital Markets announced today that it has arranged $60 million in construction financing for Gridline Apartments, a multi-housing development currently under construction in Seattle, Washington.
Working on behalf of SRM Development and its partners, JLL secured the construction loan provided by an affiliate of an international real estate investment company.
Located at 1421 Harvard Ave., the property is a 10-minute walk from Seattle’s Central Business District, providing future tenant’s access to nearly 330,000 jobs and prominent technology employers in the adjacent South Lake Union submarket. The site is surrounded by Seattle’s First Hill medical hub with four nationally renowned hospitals, and Seattle’s famous “Pike Pine Corridor” is directly adjacent to the project, serving as one of Washington’s most popular nightlife destinations. A variety of public transit options are walkable from the site, including Link Light Rail Station, Metro Bus stations and the nearest First Hill streetcar.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Director Kaden Eichmeier and Associate Steve Petrie.
“Seattle continues to be a top market for the most competitive capital sources in the construction finance industry, driven by sound fundamentals and robust tenant demand returning to the urban core,” said Eichmeier. “Absorption has recently rebounded as renters return to downtown, eclipsing annual deliveries by nearly 2.5 times. Congratulations to SRM Development, it’s partners and the lender on their new business venture with Gridline Apartments.”
ATLANTA, May 12, 2022 – JLL Capital Markets announced today that it has closed sale of Accent Edgewood, a 236-unit, Class A, mid-rise, lease-to-core multi-housing asset in the Wedgewood-Houston neighborhood of Nashville, Tennessee.
JLL represented the seller, Westplan Investors. PassiveInvesting.com acquired the asset.
Accent Edgewood features units with top-of-the-line finishes, including high ceilings, energy efficient lighting, granite countertops, stainless steel appliances, luxury vinyl, hardwood flooring, full-sized washer and dryer, large walk-in closets and expansive windows. Community amenities include a 24-hour gym, resort style pool, a pet washing spa, a bark park, a bicycle storage, a sky lounge, a coffee bar, co-working space and a recording room.
Located at 2165 Nolensville Pike, the property is just ten minutes south of downtown Nashville and a few minutes south of the heart of the Wedgewood-Houston Neighborhood which features the May Hosiery, a redevelopment that includes 175 thousand square feet of creative office and retail space, and Nashville Warehouse Co., a 150-thousand-square-foot creative office and outdoor music venue. The community also has immediate access to the recently opened Nashville Soccer Club Stadium, which is the largest soccer-specific stadium in the United States, and The Fairgrounds Nashville.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Senior Managing Director John Weber, Senior Director Ian Anderson and Director Vic Ciancetta.
“Investors continue to aggressively target Nashville due to its impressive growth, resilient economy and stellar multi-housing fundamentals,” said Anderson. “Accent Edgewood provides a phenomenal opportunity to purchase a brand-new, Class A asset surrounded by redevelopment with close proximity to jobs.”
WASHINGTON, D.C. – JLL Capital Markets announced today that it has arranged the $19.45 million in acquisition financing for River Bay Townhomes, a 173-unit, value-add multi-housing community in Lexington Park, Maryland.
JLL represented the borrower, Linden Property Group, to secure a floating-rate bridge loan through Sound Point Capital Management.
Developed using Low Income Housing Tax Credits (“LIHTC”) in 2004 and 2005, River Bay Townhomes consists of all three-bedroom, two-bath units with attached garages and an average square footage of 1,291, making them some of the largest units in the submarket. Of the 173 units, 155 units are set aside for tenants who make no more than 60 percent of Area Median Income (AMI).
Situated at 48100 Baywoods Dr., the property is located within St. Mary’s County in southern Maryland at the confluence of the Chesapeake Bay, the Potomac River and the Patuxent River. The area includes an advent of the military bases, an extensive defense contractor presence, the St. Mary’s College of Maryland and the University of Southern Maryland.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Jamie Leachman, Director Amit Kakar and Analyst Carter Wroblewski.
“There remains a tremendous amount of liquidity for product with a focus on ESG and affordable housing initiatives,” said Leachman. “Congrats to the Linden team for upholding these standards and its continued expansion into Southern Maryland.”
PHOENIX, May 9, 2022 – JLL Capital Markets announced that it has arranged refinancing in the aggregate amount of $372.6 million for a 10-property, 2,549-unit multi-housing portfolio located across Arizona and Texas.
JLL worked on behalf of the borrower, Wealhouse Capital, to secure the floating-rate Fannie Mae loans. The loans will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
The portfolio consists of Artisan Park Apartments, Sierra Walk, Spring Meadow and Summers Point in Glendale; Carlyle at South Mountain, Carlyle Townhomes and Glenrosa Park in Phoenix, Autumn Creek and Greentree Place in Chandler; and Bar Harbor in Seabrook near Houston. The garden-style properties were constructed between 1979 and 1997 and feature a range of amenities, including resort-style pools, clubhouses, fitness rooms, basketball courts, and picnic areas.
The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Brad Miner and Analyst Elle Miraglia.
“We could not be more pleased by the efforts and guidance we received from Brad, Elle, and the entire JLL team,” said Scott Morrison, Founder and CIO of Wealhouse Capital.
“The proceeds from the refinancing will allow us to continue to invest in new and existing properties in our portfolio and the communities our tenants live in,” said Emily Newman, Executive Vice President of Wealhouse.
