JLL Capital Markets led financing of the suburban Philadelphia garden-style community
PHILADELPHIA – October 27, 2020 – JLL Capital Markets announced today that it has arranged refinancing for Westridge Gardens, a 136-unit multi-housing property in Phoenixville, Pennsylvania.
JLL worked on behalf of the borrower, an affiliate of Relative Properties, LLC, 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.
Westridge Gardens is located at 909 Westridge Gardens Lane approximately one mile from Routes 23, 724 and 113 in the northwestern suburbs of Philadelphia. The 13-acre site is close to downtown Phoenixville offering residents an array of shopping, dining and entertainment options. Renovated in 2017, the 15 two-story residential buildings offer a mix of one-, two- and three-bedroom units averaging 986 square feet each. Each residence has a private entrance, in-unit washer and dryers and outdoor patio space. Community amenities include a swimming pool, sport court and playground.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Ryan Ade, Managing Director Jamie Leachman and Vice President Travis Hess.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
JLL Capital Markets placed the loan on the 96-unit The Point at Biscay f.k.a. Outlook Biscay property
DENVER, October 26, 2020 – JLL Capital Markets announced today that it has arranged $24.375 million in acquisition financing for The Point at Biscay, formally known as Outlook Biscay, a 96-unit, Class A townhome community in Aurora, Colorado.
JLL worked on behalf of the borrower, a joint venture partnership between CentrePoint Properties and CenterSquare Investment Management, to originate the Fannie Mae loan with a 2.61% interest rate that is fixed for 10 years and full-term interest-only. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
The Point at Biscay is located at 3382 South Biscay Way in the fast growing Seven Hills neighborhood. This area offers immediate access to shopping, dining and entertainment from several nearby retail centers and boasts one of the top performing school districts in the state. In addition, the property is convenient to major employment hubs, including the Denver Tech Center, Anschultz Medical Campus, Denver International Airport and Buckley Air Force Base.
Completed in 2019, The Point at Biscay is 98% leased, offering two- and three-bedroom floor plans with an average unit size of 1,210 square feet. Each unit features a two-car direct access garage and high-quality features such as quartz countertops, stainless appliances, open floor plans and full-size washers and dryers. The community amenities include a swimming pool, barbeque grilling station and dog wash.
The JLL Capital Markets team representing the borrower included Senior Directors Leon McBroom and Kristian Lichtenfels.
“We continue to see the agencies deploy very aggressive loan terms across a broad spectrum of multifamily assets,” said Lichtenfels. “Not only did the lending markets provide great initial loan options for this differentiated new construction townhome product, our team was able to tighten the interest rate further by securing a Green Globes certification prior to closing. Leon and I were thrilled with these great loan terms and how they will help CentrePoint, CenterSquare and their investors secure a most favorable return.”
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
Seven transactions close in the last 7 months, illustrating the growing investment and lender interest in the manufactured housing sector
SAN DIEGO, October 22, 2020 – JLL Capital Markets announced today that it has arranged more than $118 million in financing in separate transactions for seven manufactured home communities totaling 1,038 home sites in Southern California.
JLL worked on behalf of various operators to secure fixed-rate financing through various lenders, including Fannie Mae, Freddie Mac, life insurance companies and a regional credit union.
Additional property and loan details are below:
• Pacific Sunset and Western Skies, Anaheim – $24.4 million total, long-term, non-recourse life insurance company loans
• Tumbling Waters, Covina - $9.96 million, 30-year, fully amortizing Fannie Mae loan
• Confidential Inland Empire all-age community - $57.2 million, 2.35% fixed-rate, 10-year, full term interest-only Fannie Mae loan
• Beachwood Park, Dana Point - $13.5 million, 10-year fixed-rate at 2.4%, Fannie Mae, five years interest-only
• Stardust MHC, Ventura - $7.24 million, 2.74% fixed-rate, 10-year, non-recourse Freddie Mac loan
• El Capitan MHC, El Cajon - $6.38 million, seven-year regional credit union financing, three years interest-only
The JLL Capital Markets team representing the various borrowers on all seven transactions was led by Managing Director Zach Koucos.
“We continue to see lender and borrower appetite for the manufactured housing space increase as the sector has seen strong occupancy growth and rent growth stability,” Koucos said. “Our recently released Manufactured Housing Trends Report addresses this trend and examines the industry’s resiliency through the pandemic with notably positive trends when compared to other asset classes within commercial real estate.”
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
Greystone, a leading national commercial real estate finance company, has provided a $35,000,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 515-unit multifamily community in Colton, California. The transaction was originated by Ana Ramos, managing director in Greystone’s Los Angeles office with Dan LuVisi of Marketplace Capital acting as correspondent.
The Fannie Mae loan carries a 15-year term and 30-year amortization at low leverage (below 50% LTV) and a low, fixed interest rate (below 3%) resulting in approximately $10 million in cash-out proceeds.
Located at 2069 West San Bernardino Avenue in San Bernardino County, Westcourt Apartments comprises 137 one-bedroom/one-bath units and 378 two-bedroom/two-bath units. On-site amenities at the property include an onsite office/clubhouse; fitness center; three swimming pools; two hot tubs; playground; tennis court; laundry facilities; storage rooms; and controlled access.
“While there are many challenges for property investors as a result of the pandemic, there are also new opportunities due to sustained, low interest rates, and the potential for cash-out,” said Ms. Ramos. “Fannie Mae financing is an excellent choice for long-term, low-rate commercial mortgages for sponsors that have a proven track record. Greystone is expeditious and passionate about finding the best fit for our clients during the challenges California is facing environmentally, economically, and under the veil of COVID-19.”
Greystone, a leading national commercial real estate finance company, has provided a $52,250,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 434-unit manufactured housing community in San Jose, California. The transaction was originated by Tim Thompson, managing director in Greystone’s San Francisco office, on behalf of Chateau La Salle 2012, LLC.
The $52.3 million Fannie Mae financing has a 10-year term and 30-year amortization, with a fixed rate and full-term interest-only payments. At approximately 53% loan-to-value, the mortgage enables the borrower to refinance their existing Greystone loan and monetize their existing equity in the property.
Built in 1980, Chateau La Salle is a mobile home community consisting of 434 pads set across 58 acres of well-manicured grounds. The property’s amenities include a community clubhouse with wine tasting room, swimming pool, fitness center, laundry facilities and tennis courts. Located off of Highway 87 in a quiet, gated neighborhood, the property is conveniently located near San Jose’s major highways, which provide easy access to the area’s retailers, restaurants, employment centers, and recreation.
“It’s a joy to partner with clients whose unique vision can have a positive on the lives of the residents at their portfolio properties,” said Mr. Thompson. “We’re thrilled when our team can come together to leverage our diverse lending platform and put together the financing terms that will help our clients, in any market or economic environment.”
“We keep coming back to the professionals at Greystone because their ability to execute on exactly what we need is unparalleled,” said Mr. Arthur Chatoff, principal for the borrower, Chateau La Salle 2012, LLC. “Their commitment to helping us achieve our goals is unwavering, and they are undeterred by any challenges or hurdles that get put before them. With Greystone on our side, we know that the transaction will get done.”
Greystone Exceeds $1 Billion in Total Small Loan Originations with Freddie Mac and Fannie Mae Combined Year-to-Date; Reaches Lifetime Origination Total for Freddie Mac SBL Loans of Over $5 Billion
Greystone, a leading national commercial real estate finance company, announced it has reached two significant milestones in small loan production, including exceeding $1 billion in combined Freddie Mac and Fannie Mae multifamily small loans origination year-to-date in 2020. A participant with both GSE small loan programs since inception, Greystone Servicing Company LLC is one of the first Optigo® lenders to exceed $5 billion in origination for Freddie Mac’s Small Balance Loan platform since their program launched in 2014.
“The market challenges that arose this year during the pandemic particularly impacted the workforce housing market, but Greystone has remained steady as a source for Agency financing throughout it all, especially as interest rates continue to remain low,” said Rick Wolf, head of Greystone’s small loan platform. “We value our partnerships with Freddie Mac and Fannie Mae and their critical role in helping to finance the workforce housing market, which supports critically-needed affordable rental housing in all markets around the nation.”
Loans offered for the small loan asset class, which typically include properties between 5 and 50 units, range from approximately $1 million to $6 million (up to $7.5 million for Freddie Mac). The mortgages include hybrid adjustable rates, fixed rates, and interest-only options at up to 80% LTV, as well as flexible step down prepayment options. Interest-only financing is available on a case-by-case basis.
“We congratulate Greystone on achieving a tremendous milestone - being one of the first Optigo Small Balance lenders to surpass the $5 billion mark,” said Megan McElgunn, Senior Director of SBL production for Freddie Mac. “Since 2014, Greystone has been a key partner contributing to the success of our SBL platform, and we look forward to our continued work together in providing financing to this critical segment of the multifamily market.”
“Greystone continues to be a vital contributor to Fannie Mae’s small loans lending platform. Their dedication and experience in this important segment of housing has been crucial and we are grateful for their partnership in providing liquidity for workforce housing,” said Ann Atkinson, Senior Director, MF Customer Engagement, Fannie Mae. “With partners such as Greystone, we provide reliable and sustainable financing solutions for small loans nationwide. Today, more than ever, people need access to safe, decent, affordable housing; Greystone and Fannie Mae are here to fulfill that need through this difficult time.”
