Greystone Brown Real Estate Advisors announced it has closed the $27 million sale of a 230-unit multifamily property in Atlanta, Georgia, and Greystone provided a $21.6 million Freddie Mac Conventional loan to finance the transaction. The sale was handled by Walter Miller, Barden Brown, Cory Caroline Sams, and Jim Jarrell of Greystone Brown Real Estate Advisors.
Built in 2004, Overlook Ridge offers 230 well-appointed, 1-, 2- and 3-bedroom apartments averaging 1,090 square feet. Residents of the community enjoy amenities such as a clubhouse and fitness and business center, laundry facility, as well as outdoor recreational facilities such as a resort style swimming pool. The property is conveniently located less than 10 minutes from Downtown Atlanta near The West End, walkable to a Beltline spur, MARTA, and proximate to new craft breweries and distilleries.
“The Greystone team’s expertise on the local market and market-rate conversion properties such as this were critical to the success of the transactions,” said Mr. Miller. “On top of that, Greystone was able to provide end-to-end service and secure financing for the acquiring party, making the process seamless for all involved.”
Greystone Brown Real Estate Advisors announced it has closed the $27 million sale of a 230-unit multifamily property in Atlanta, Georgia, and Greystone provided a $21.6 million Freddie Mac Conventional loan to finance the transaction. The sale was handled by Walter Miller, Barden Brown, Cory Caroline Sams, and Jim Jarrell of Greystone Brown Real Estate Advisors.
Built in 2004, Overlook Ridge offers 230 well-appointed, 1-, 2- and 3-bedroom apartments averaging 1,090 square feet. Residents of the community enjoy amenities such as a clubhouse and fitness and business center, laundry facility, as well as outdoor recreational facilities such as a resort style swimming pool. The property is conveniently located less than 10 minutes from Downtown Atlanta near The West End, walkable to a Beltline spur, MARTA, and proximate to new craft breweries and distilleries.
“The Greystone team’s expertise on the local market and market-rate conversion properties such as this were critical to the success of the transactions,” said Mr. Miller. “On top of that, Greystone was able to provide end-to-end service and secure financing for the acquiring party, making the process seamless for all involved.”
JLL Capital Markets led the financing for Hanover Southampton located in the city’s West University neighborhood
HOUSTON, August 20, 2020 – JLL Capital Markets announced today that it has arranged financing for Hanover Southampton, a 206-unit multi-housing community in Houston’s affluent West University neighborhood.
JLL worked on behalf of the developer, Hanover Company and State Farm, to secure the seven-year, fixed-rate loan through the Freddie Mac CME Program. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Completed in 2015, Hanover Southampton is located at 5122 Morningside Drive within walking distance to Houston’s most historic mixed-use urban development, Rice Village, which boasts over 300 retailers and dining establishments. Additionally, the property is proximate to Houston’s largest employment centers including Texas Medical Center, Greenway Plaza, Galleria and Downtown. The 95-percent-leased community offers 12 floors of living with units averaging 1,435 square feet each. Community amenities include a 10,000-square-foot rooftop resident amenity lounge, rooftop pool, 24-hour concierge, Technogym fitness club, outdoor grilling stations, private theatre, executive conference room, bike storage, valet dry cleaning services and pet-washing station.
The JLL debt placement team representing the borrower was led by Managing Director Cortney Cole and Director Dustin Selzer.
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. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
JLL Capital Markets arranged the sale and Freddie Mac acquisition loan for Covenant Capital Group
SAN ANTONIO, August 5, 2020 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for the Park at Rialto, a newly constructed, 274-unit, garden-style multi-housing community built by GenCap Partners, Inc. in the northwest part of San Antonio, Texas.
JLL worked on behalf of Covenant Capital Group, to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender. Covenant Capital Group purchased the asset from GenCap Partners, Inc., in a JLL-brokered transaction.
Park at Rialto was constructed in 2018 and offers an urban lifestyle due to its proximity to major employment hubs, retail, entertainment and recreational amenities. The community, with an average unit size of 882 square feet, is situated on 9.3 acres and is National Green Building Standard certified.
“The central Texas markets like San Antonio and Austin are very attractive investment markets right now, and we are seeing growing demand for not only new apartments but investors willing to invest in this growth,” says Gary Williams, CFO of GenCap Partners, Inc. “That is why we have three new starts in these growing suburban areas.”
The JLL Capital Markets team that led the financing efforts on behalf of the borrower was led by Senior Director CW Sheehan and Analysts Alastair Barnes and Scott Dickey. The JLL Capital Markets team representing the seller was led by Senior Managing Director Sean Sorrell.
“Park at Rialto is a great acquisition for Covenant Capital Group, as they expand their portfolio in Texas,” Sheehan added. “The property offers excellent access to major employers and will benefit from the continued growth between Boerne and San Antonio.”
JLL Capital Markets announced today the arrangement of a $30.58 million loan regarding the acquisition of the Amber Ridge Apartments located at 2421 Foothill Boulevard in the greater Los Angeles area of La Verne, California.
JLL worked on behalf of the borrower, Silver Star Real Estate, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.
Amber Ridge Apartments consist of 147 garden-style units and is located in the La Verne suburb of Los Angeles. With breathtaking mountain views, the apartment community is near various retail, restaurants and entertainment and about 30 miles from the downtown area.
Boasting a combination of both modern and classic apartment styles, Amber Ridge has a heated swimming pool, 24-hour fitness center, barbeque area with outdoor entertainment such as picnic areas, two playgrounds, a clubhouse and more.
The JLL Capital Markets team representing the borrower was led by Managing Director Greg Brown, Associate Nicolas Lench and Analyst Charlie Vorsheck.
“We were pleased to deliver our client with excellent rate and terms while working through the closing of this loan during the peak of the COVID-19 pandemic,” said Brown. “The attractive loan terms will allow them to execute their business plan and drive their returns.”
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.
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Greystone, a leading national commercial real estate finance firm, has provided a $30,821,000 Freddie Mac Forward Tax-Exempt Loan (TEL) to help finance the addition of 172 units to an existing affordable housing property in Bloomington, MN. The loan was originated by Kyle Jemtrud, managing director at Greystone, on behalf of Aeon.
The Freddie Mac affordable loan carries a two-year forward period plus an 18-year term at a fixed rate with a 40-year amortization. The financing, in combination with other capital sources, will be used to construct 172 new apartments on land adjacent to the existing Village Club apartment complex located at 1930 E. 86th St. The two new four-story buildings will include three- and four-bedroom homes to serve larger families. With construction due to begin in August 2020, the community will be known as SoLo Apartments.
Today, the 306 existing units at the adjacent Village Club serve mixed-income residents, with more than half of the units at or below 60 percent of the area median income and the remaining units at or below 80 percent of the area median income. Two thirds of the new units to be constructed at SoLo will be affordable at or below 60 percent of the area median income, and one third will be affordable at or below 80 percent of the area median income. The existing and to-be-constructed buildings are on an almost 18-acre site that features an indoor and outdoor pool, a racquetball court, a movie room and updated community space.
“Greystone’s knowledge and expertise in affordable housing, as well as their strong relationship with Freddie Mac, were all integral to this financing package being a success,” said Alan Arthur, President and CEO of Aeon.
“This Freddie Mac program is a fantastic option for affordable housing developers. It allows them to secure long-term exit financing on tax credit construction projects before they ever break ground,” said Mr. Jemtrud. “We truly enjoy working with Aeon and helping them finance their portfolio to serve the residents of Minnesota.”
