NEW JERSEY – JLL Capital Markets announced today that it has secured the $97.25 million financing for Vinty, a 267-unit, Class A, mixed-use development in Elizabeth, New Jersey.
JLL worked on behalf of the borrower, LeCesse Development Corporation and MAS Development Group, to secure the five-year, senior floating-rate loan through an entity managed by Argentic Investment Management LLC (“Argentic”).
Delivered in 2022, Vinty consists of studio, one- and two-bedroom units, as well as 32,272 square feet of ground-floor retail and commercial space. The Property offers a community amenity package, including a fitness center, yoga/cycling studio, resort-style pool, outdoor summer kitchen, outdoor theater, community lounge, a golf simulator, dog park, co-working zone and more. The interior unit finishes feature quartz countertops, stainless steel appliances, in-unit washers and dryers, wood-style plank flooring and large walk-in closets and bathrooms. The commercial space includes a 3,315-square-foot sous vide food hall, a high-end private office/co-working space and a Northfield Bank branch.
Located within an Opportunity Zone, Vinty sits at 100 Union Street, directly across the street from the New Jersey Transit Elizabeth Station. Two New Jersey Transit lines, the Northeast Corridor and North Jersey Coast Line, converge in Elizabeth to allow for superior accessibility to major employment hubs throughout New Jersey, as well as New York Penn Station. The property provides walkability to Broad Street and Morris Avenue, Elizabeth’s main downtown corridors, as well as nearby employment opportunities at Union County College, Trinitas Regional Medical Center, the Union County courthouse and more. Additionally, it is just four miles from Cranford and Westfield which features charming downtown areas with a variety of shops, boutiques and restaurants.
The JLL Capital Markets Debt Advisory Team was led by Senior Managing Directors Michael Klein and Steven Klein, Director Gerard Quinn and Analyst Benjamin Morgenthal.
“Vinty represents the first phase of a transformational placemaking community for downtown Elizabeth. Residents, businesses owners and the overall city will benefit from the vision and sense of community that MAS Development and LeCesse Development have created at Vinty for years to come,” said Michael Klein.
“Argentic quickly recognized the quality of product, including the spaciously appointed units, the abundance of community amenities and the connectivity between the residential and commercial spaces, that the borrower has created. Argentic was able to provide a highly competitive deal structure that will allow MAS and LeCesse to continue to season the property,” said Steven Klein.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
MORRISTOWN – JLL Capital Markets announced today that it has closed the $77 million construction financing for Atlantica at Daytona, a 341-unit, luxury, garden-style multi-housing development in Daytona Beach, Florida.
JLL represented the borrower, a joint venture between Sovereign Properties and Invest Capital Group, to secure the three-year, 75% loan to cost, construction loan through Broadshore Capital Partners.
With first units set to open in October 2024, Atlantica at Daytona will feature one-, two- and three-bedroom units, averaging 981 square feet. Units will offer modern kitchens, stainless steel appliances, quartz countertops, white shaker cabinets with matte black finishes, wood-style vinyl plank flooring, and expansive screened patios and balconies. Community amenities will include a resort-style pool, a BBQ grill station, a screened lanai with a fireplace, bar and TVs, an outdoor summer kitchen, a dog park, a co-working space, a game room, a high-tech fitness center and more.
Located at 1799 North Williamson Blvd., the project sits just five minutes from the beach and only eight miles from the intersection of Interstate-95 (I-95) and Interstate-4 (I-4), two of the most trafficked roadways in Florida, providing residents connectivity to Tampa, Orlando and Jacksonville. Just four miles south of the property are the internationally recognized Daytona International Speedway and Daytona International Airport.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Gregory Nalbandian, Senior Director Jesse Wright and Associate Joshua Odessky.
“While our clients, Sovereign Properties and Invest Capital Group, are very experienced multi-housing developers in Central Florida, this project marks their first development in Daytona Beach. Broadshore did a terrific job understanding the strengths of the development in a very underserved market and delivered a very attractive 75% LTC, non-recourse, stretch senior construction loan at a time when lenders are significantly pulling back on construction financing,” stated Nalbandian.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
LOS ANGELES – JLL Capital Markets announced today that it has arranged financing for two trophy assets in Beverly Hills, California. JLL secured the senior notes with Wintrust Financial for 9440 Santa Monica Blvd., an approximately 92,000-square-foot, trophy, mixed-use building, and a newly constructed ultra-luxury apartment building located at 250 North Crescent Drive. Both assets are located in the famed Beverly Hills “Golden Triangle.”
JLL worked on behalf of Maxxam Enterprises to secure the financing with Chicago-based Wintrust Financial Corporation. The two transactions demonstrate Wintrust’s objective to expand their footprint in California, and Maxxam’s continued strategy to own, operate and develop best-in class assets across various product types.
“Fantastic to partner with the team at Maxxam on these two exceptional properties. Wintrust is excited to continue expanding on this great relationship and to grow our footprint in Southern California,” said Brenton Norman of Wintrust.
The JLL Capital Markets Debt Advisory team representing Maxxam was led by Senior Director Matt Stewart, Director Alethia Halamandaris and Analyst Jalynn Borders.
“In today’s market, debt is no longer a commodity, but rather a strategic partnership. These two transactions between Maxxam Enterprises and Wintrust represent the resilience of such a partnership in the midst of the current market volatility,” Stewart said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos, and research resources on JLL, please visit our newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
MORRISTOWN – JLL Capital Markets announced today that it has closed the sale of Town Hall Terrace, a 460-unit multi-housing community located in Grand Island, New York.
JLL marketed the property on behalf of a private owner who was the original owner and developer of the property and procured the buyer.
Town Hall Terrace was built in stages from 1963 through 2008. The property consists of 384 one- and two-bedroom apartment flats, 46 three-bedroom townhomes and 30 two-bedroom senior patio homes. The units have a wide range of amenities with certain models presenting opportunities for upgrades. The high-quality townhomes and senior patio homes currently feature numerous modern offerings, such as Pergo floors, stainless steel appliances, in-unit washers and dryers, spacious kitchens, walk-in closets and personal yard space. Community amenities include a clubhouse lounge, a fitness center, a heated pool, tennis courts, a picnic pavilion and a dog exercise park.
Located at 2255 Center Terrace, Town Hall Terrace is situated in Grand Island, an island community positioned between Buffalo and Niagara Falls, with proximity to Canada. Strategically located off Interstate 190, a major north-to-south thoroughfare, and within close distance of Interstate 290, the asset provides access to the major highways in the area and offers unmatched connectivity throughout Erie County and the greater Upstate New York area. The property is also located 17.5 miles away from the Buffalo Niagara International Airport and 10.4 miles from the Amtrak Niagara train station, supplying tenants with the convenience of major transportation services. With the availability of mass transit, Town Hall Terrace’s community benefits from numerous nearby points of interest that include over 4.5 million square feet of retail, restaurants, parks, schools and grocery stores.
The JLL Capital Markets Investment Sales Advisory team was led by Steve Simonelli, Mike Oliver, Jose Cruz, Austin Piece, Elizabeth DeVesty and Andrew Scandalios.
“We were delighted to represent the original owner and developer of Town Hall Terrace in the sale of the property. There was significant interest in the greater Buffalo market, and the property from a wide variety of national and regional investors even in these more challenging times,” said Simonelli
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
AUSTIN – JLL Capital Markets announced today that it has arranged the sale of Caliza, a 270-unit, Class A, garden-style apartment community in the northwest Austin suburb of Cedar Park, Texas.
JLL worked on behalf of the seller, Internacional Realty, and Virtus Real Estate Capital acquired the asset.
Built in 2020, Caliza features one-, two- and three-bedroom units with modern finishes, wood-style flooring, custom cabinetry, stainless steel appliances, LED lighting, 14-foot ceilings, private yards and direct access garages. The property features a best-in-class amenity package, including a recently renovated resort-style swimming pool, expansive fitness center and group exercise room, outdoor pavilion with an exterior fireplace and a clubhouse with a catering kitchen.
Situated at 12638 Ridgeline Blvd., the property is within proximity to several highly regarded neighborhoods, such as Anderson Mill, Cypress Mill and Avery Ranch, and is surrounded by some of the city’s most prominent economic drivers, including Austin’s premier mixed-use hub, The Domain and Dell Technology’s campus. The community provides residents with access throughout the metroplex via Highway 183 and Highway 45 and is just six minutes from Westwood High School, one of Austin’s premier high schools known for top-rated academics. Additionally, Caliza is a short drive from Lake Travis, one of the top lakes in the state.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Ryan McBride and Robert Arzola.
“We are excited to add Caliza to our growing portfolio. This acquisition exemplifies Virtus’ investment strategy of finding well-located, institutional quality opportunities in markets with long-term secular growth tailwinds,” said Christopher Kott, Managing Director at Virtus.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
SEATTLE – JLL Capital Markets announced today that it has closed the $32.125M construction financing for the development of The Virginia, a 198-unit market-rate multi-housing project located in Seguin, Texas.
JLL represented the borrower, Periscope Capital Investment and Verdot Capital, to secure the 15-year, floating-rate loan through a regional bank.
With an anticipated completion in 2024, the three-story project will offer one-, two- and three-bedroom units, averaging 892 square feet. Community amenities will include a best-in-class fitness center, sauna, yoga room and swimming pool, as well as a a recreational patio, a business center, barbeque areas, dog parks and more. A second phase of this project will be delivered in 2025, which will bring the total market-rate units to 424.
Located at 3501 N. Austin St., The Virginia is located thirty minutes east of San Antonio and about an hour south of Austin. The site also features direct access to Interstate 10, which is a direct transportation artery into Downtown San Antonio. Seguin serves as the retail hub for three major counties, Guadalupe, Gonzales and Wilson, and the site provides convenient access to downtown Seguin, which houses the bulk of the retail options. Nearby attractions include ZDT’s Amusement Park, The Seguin-Guadalupe Heritage Museum, Walnut Springs Park and Max Starcke Park and Golf Course.
The JLL Capital Markets Debt Advisory team was led by Director Alanna Ellis, Managing Director Jeff Lepley and Associate Alex Sheaffer.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
