JLL Capital Markets arranged the loan, which will be used for apartment upgrades
LOS ANGELES, October 20, 2020 – JLL Capital Markets announced today that it has arranged a loan for Center Village Apartments, a 60-unit affordable Low-Income Housing Tax Credit community in Northeast Portland, Oregon.
JLL worked on behalf of Innovative Housing, Inc. (IHI) to secure the 17-year, 35-year amortization loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. JLL also coordinated a 24-month forward interest rate. This loan, along with other capital sources, repaid an original Wells Fargo Bank construction loan.
Center Village is a mid-rise, multi-housing community with rents restricted to 30% to 60% of area median income. The loan was used for improvements to the multi-housing property, including a new roof, exterior siding, window replacement and interior unit and common area upgrades.
“IHI is excited for the opportunity to redevelop this property so it will continue to operate long into the future,” said Carolyn O’Doherty, Housing Developer at IHI. “The 60 family-sized units currently house more than 175 people who are now able to enjoy refreshed apartments and better amenities thanks to the investment by JLL and other partners.”
JLL’s Capital Markets team representing the borrower was led by Director Anson Snyder.
“JLL and Freddie Mac are committed to providing long-term permanent loans for affordable housing,” Synder said. “Working with the IHI development team is a privilege. Portland families will have an affordable housing option for years to come.”
JLL has extensive experience helping clients obtain financing and sources reliable, cost-competitive mortgage products for acquisitions, refinancing or rehabilitation of affordable housing properties. With access to key lenders and capital, JLL connects clients directly with Freddie Mac, among others, to get the best possible financing structure. In 2019, JLL was recognized as the #1 targeted Freddie Mac lender for affordable housing deals.
Greystone, a private national commercial real estate finance company, announced today its closing of a $289,289,000 permanent Freddie Mac loan made to an affiliate of BLDG Management Company, Inc. (“BLDG”) for the Summit, a premier multifamily rental building in Midtown Manhattan. The new 10-year, fixed-rate Freddie Mac loan refinances the original $251,000,000 construction credit facility provided by Bank of China in 2015. The Greystone Capital Advisors debt advisory team, led by Drew Fletcher, President, with support from Matthew Klauer and Cassandra Connolly, represented BLDG and assisted in obtaining the Freddie Mac financing through Greystone’s Affordable Lending team. Greystone’s Jeff Englund, Scott Wallace and Chris Phillips collaborated with Freddie Mac Production Manager Naureen Versi and managed the loan process for Greystone.
The Summit, located at 222 East 44th Street, is composed of 441,000 gross square feet and 429 residential rental units. Of the 429 units, 22 units are designated as affordable housing units for tenants whose household incomes are at or below 120% of the New York City Area Median Income (“AMI”), 44 units are designated for tenants earning 60% of AMI, 43 units are designated for tenants earning at or below 40% of AMI, and the remaining 320 units are market-rate. The Summit features amenities such as a fitness complex with basketball and squash courts, indoor pool, sauna, theater, game lounge, and outdoor entertainment deck. In addition, the Summit’s penthouse sky lounge offers expansive views of the East River and the Manhattan skyline, multiple outdoor terraces, and several individually curated indoor spaces for private events.
"I am extremely proud of our continued efforts to support affordable housing in New York City and I thank all those involved for their dedication to increasing the amount of affordable rental units in an area that critically needs it,” said Steve Johnson, Vice President for Targeted Affordable Housing at Freddie Mac.
“This was a large, complex transaction that in the current environment required careful coordination among Freddie Mac, the New York State Housing Finance Agency, Greystone, and BLDG,” added Naureen Versi, the Production Manager who worked on the transaction.
“BLDG is excited to expand its relationship with Greystone and Freddie Mac through this landmark financing,” said Lloyd Goldman, Founder and President of BLDG. “Despite the current headwinds facing the New York City multifamily market, Greystone and Freddie Mac delivered a market-leading execution and worked tirelessly with us to close this loan in the midst of a global pandemic.”
“We have enjoyed a long-standing relationship with BLDG and are thrilled to have worked on both the original construction financing and now the permanent financing for the Summit,” said Drew Fletcher. “This financing is a testament to their long-term vision and focus on developing distinctive properties that create enduring value and enhance the neighborhoods in which they are located.”
Jeff Englund, Senior Managing Director and head of Greystone’s Affordable Lending group, added, “Affordable housing remains critically important to New York and nationwide, and Greystone continues to demonstrate its commitment to finance transactions that create or preserve this valuable housing for the long-term.”
JLL Capital Markets announced today that it has arranged $5.46 million in financing for The Place at Capper Landing, a garden-style multi-housing community located at 10535 Lem Turner Rd. in Jacksonville, Florida.
JLL worked on behalf of Beachwold Residential to secure the supplemental loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
With proceeds from this loan, Beachwold Residential can continue enhancing the property with extensive interior unit upgrades such as new fixtures, appliances and finishes.
Since Beachwold Residential acquired the property in 2015, it has spent $5.42 million on renovations, including interior and common area updates. The property was built in 1999, is about 98% occupied, and consists of 360 units, offering one-, two-, three- and four-bedroom apartments. The community is pet-friendly and has a health club, 24-hour laundry facility, playground, business center, picnic area with grills, pool with a sundeck and resident entertainment center.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Elliott Throne and Mona Carlton and Director Jesse Wright.
“Beachwold has had an outstanding run with Freddie Mac this year and they have done their investors a great service by adding accretive supplemental loan proceeds to an asset that already benefits from an excellent Freddie Mac senior loan,” said Wright.
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 our newsroom.
ORLANDO (October 7, 2020) – Berkadia announces it has secured a $74 million loan for the recapitalization of Linden Audubon Park, a 449-unit, Class A gated multifamily built in 2017 in the heart of Orlando’s coveted “Parks” district in Orlando, Florida. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office secured the financing on behalf of the borrower, Harbor Group International.
Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with partial interest only and a 75 percent LTV.
“Freddie Mac once again delivered an exceptional floating-rate loan both in terms of flexibility and rate for the borrower,” said Foschini. “With the overhang of the coronavirus pandemic around us, we took great care in our underwriting to demonstrate that this asset and its owner are uniquely capable of maintaining and operating an Orlando multifamily property.”
Located at 990 Warehouse Road, Linden Audubon Park is a gated community built on a 19-acre infill site in Audubon Park – a leafy, bike-friendly district known for its mid-century bungalows, high-quality schools and proximity to Orlando’s CBD just five minutes away. The property occupies the last buildable multifamily garden parcel of this size in this exclusive pocket of the metro area.
The community consists of 12 three- and-four story buildings offering a mix of one-, two- and three-bedroom floor plans, including townhomes with attached garages and elevator access in some buildings. Individual apartments feature quartz countertops, energy-efficient stainless steel appliances, nine- and 10-foot ceilings, wood-inspired flooring, full size washer and dryer, oversized windows, screened patios and designer fixtures. Community amenities include two resort-style pools; poolside entertaining bar & TVs; outdoor kitchens, gas grill areas and fire pit; a two-story resident clubhouse with expansive gym; a stand-up tanning room and game room; a bark park and dog wash station; water views; and direct access to Cady Way Trail and Lake Druid Park.
Audubon Park was the winner of the 2016 Great American Main Street Award and is one the most desirable neighborhoods in Orlando with its top-rated schools and parks, proximity to over 400,000 jobs, and impressive local food and drink scene.
NARK
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About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
JLL Capital Markets arranges the sale and financing for the 171-unit multi-housing property to Trailbreak Partners
DENVER, September 30, 2020 – JLL Capital Markets announced today that it has arranged the sale of and acquisition financing for Confluence at Three Springs, a 171-unit, garden-style, multi-housing community in Durango, Colorado.
JLL marketed the property on behalf of the seller, GF Properties Group. Denver-based Trailbreak Partners purchased the asset. Additionally, JLL worked on behalf of the borrower to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Confluence at Three Springs comprises seven three-story buildings that house a mix of one- and two-bedroom units that average 845 square feet. The property features direct trail access, a playground, barbeque grill, outdoor lounge, resident lounge, yoga studio and restaurant and bar. The community is situated on 5.95 acres at 150 Confluence Ave. in the master-planned Three Springs community, which was developed by the seller. Completed in 2016 and 2018, the property is one of just two residential projects of this scale completed in the Durango region in the last 15 years.
The JLL Capital Markets Investment Advisory team representing the seller included Directors Mack Nelson and Christopher White.
The JLL Capital Markets Debt Placement team representing the borrower was led by Director Rob Bova and Managing Director Josh Simon.
“Our team was pleased to work on behalf of GF Properties to secure a buyer for Confluence at Three Springs in the dynamic Durango market,” White said. “The strong execution by Trailbreak is evidence of the quality product developed by GF Properties and the enviable success of the entire Three Springs development.”
Huntsville, Ala. (September 28, 2020) – Berkadia announces it has secured a $34.91 million loan for the acquisition of Ascent at Jones Valley, a 431-unit apartment community located in Huntsville, Alabama, one of the top rent growth markets in the nation. and Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office secured the financing on behalf of borrower, an entity controlled by Wicker Park Capital Management LLC of Savannah, Georgia.
Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with partial interest only and a 75 percent LTV.
“With its quality construction, recent renovations and multiple townhome options for residents to choose from, Ascent at Jones Valley is one of the more sought-after complexes in this submarket,” said Foschini. “Freddie Mac continues to be a terrific solution for borrowers in both fixed and floating rate executions. In this case, Freddie recognized the borrower’s success and acumen in this metro area with other projects and provided a loan well suited to improving the asset’s profile within its competitive set. The brilliance of a floating-rate execution is that it allows both a low interest-only base rate and the ability to transition the asset to a new loan upon a sale or future refinance, as value is added to the community and income improves.”
Known as “Rocket City” for its conglomeration of aerospace/aviation companies, Huntsville is home to Redstone Arsenal, Cummings Research Park, The Marshall Space Flight Center (MSFC), Blue Origin, The Boeing Company, and GE Aviation, among others. According to Berkadia Research, Huntsville apartment occupancy enjoyed a record high in 2019, and despite an economic slowdown in Q2 2020, effective rents rose nearly 7 percent year over year, and occupancy was up 20 basis points year over year to 96.8 percent.
Located at 1225 Williowbrook Drive SW, Ascent at Jones Valley was built in 1978 and has received over $4.5 million in upgrades from prior owners since 2016.
The property consists of one-, two- and three-bedroom units with an average size of 1,211 square feet. Roughly a third of the property’s units are two-and three-bedroom townhome floor plans. Community amenities include a fitness center, coffee & tea bar, leasing/business office, pet park and play area, playground, two swimming pools, a lighted tennis court and grilling/picnic areas.
Strategically positioned less than 2 miles east of Memorial Pkwy (US-231), one of Huntsville’s primary transportation arteries, Ascent at Jones Valley is centrally located in South Huntsville among the metro’s most affluent suburbs and quality retail destinations.
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About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
