DENVER – JLL Capital Markets announced today that it has arranged $55.18 million cashout refinancing for The Iris, a 276-unit, garden-style apartment complex in the Denver suburb of Arvada, Colorado.
JLL worked on behalf of the borrower, VareCo, to secure the fixed-rate, ten-year, full-term, interest-only, Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Constructed in 1970 and renovated in 2022, the six-building, three-story community features one-, two- and three-bedroom units with wood-style floors, white cabinets, quartz countertops, in-unit washers and dryers and stainless steel appliances. Community amenities include a pool, a basketball court, a volleyball court, a picnic area and a playground.
Situated at 9700 W. 51st Place, the property is within walking distances to the Arvada Ridge Public transit station, as well as minutes from the I-70 corridor. Additionally, residents benefit from the broad variety of walkable amenities, entertainment, dining and retail options within the historical district of Ode Town Arvada.
“Tony and William started working with us on this refinancing over seven months ago, and from the very beginning it was clear that they knew every possible lever we could pull in order to maximize proceeds and get the deal closer amidst this extremely challenging lending environment. From the very beginning we set a target and with their help we were able to surpass that target. We could not be more thankful for their help and hard work on this transaction!” said Terrance Doyle, founder of VareCo.
The JLL Capital Markets Debt Advisory team was led by Managing Director Tony Nargi and Director William Haass.
“VareCo has done an absolutely tremendous job renovating this asset with one of the best interior unit renovations on a 70’s-built deal in all of Denver. Fannie Mae provided an excellent execution with 35-year amortization loan sizing and full-term, interest-only and sub-5% fixed-rate on a cash out refinance. JLL is thrilled to be involved in this financing with an excellent local owner and operator in VareCo,” said Nargi.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
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.
MORRISTOWN – JLL Capital Markets announced today that it arranged a $49.7 million construction loan for Highgate at Livingston ("Highgate"), a 169-unit, mid-rise, Class A, luxury apartment development located in Livingston, New Jersey.
JLL worked on behalf of the borrower, Continental Properties, to secure the floating-rate construction loan with Truist Bank.
The four-story Highgate at Livingston will offer 141 luxury market-rate units featuring well-designed one-, two- and three-bedrooms luxury units. Units will feature designer kitchens with stainless steel appliances, nine- and ten-foot ceilings, oversized windows, walk-in closets, in-unit washers/dryers, upgraded fixtures and numerous smart technologies. Highgate's interior will feature rich luxury amenities, including a hotel-style lobby with a multi-story fireplace, an upscale clubroom, private dining, a state-of-the-art fitness center with a yoga studio, a co-working lounge and more. Outdoor amenities center around a lavish "lifestyle" courtyard with a resort-style pool, fire pits, outdoor kitchen, bar, outdoor TV lounge, dog run and more.
Highgate is located on Eisenhower Parkway, providing easy access to I-280, I-287, I-78, Route 24 and commuter bus and rail service to Manhattan. Highgate is also located nearby Cooperman Barnabas Medical Center, one of the Region's largest and most respected hospitals with 597 beds and thousands of employees.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Gigliotti, Managing Director Matthew Pizzolato, Vice President Michael Lachs and Analyst Benjamin Morgenthal.
"In a challenging debt market, Truist saw the extraordinary combination of a best-in-class developer, a strong local market and the exceptional quality of the project. They delivered competitive loan terms meeting our client's expectations," said Gigliotti.
Pizzolato added, "Upon completion, Highgate at Livingston will be the highest quality luxury community in Livingston to date. The project will set a new bar for finishes and amenities for a discerning and underserved market. We are proud to play a role in bringing this important project to the market."
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.
MORRISTOWN – JLL Capital Markets announced today that it arranged a $49.7 million construction loan for Highgate at Livingston ("Highgate"), a 169-unit, mid-rise, Class A, luxury apartment development located in Livingston, New Jersey.
JLL worked on behalf of the borrower, Continental Properties, to secure the floating-rate construction loan with Truist Bank.
The four-story Highgate at Livingston will offer 141 luxury market-rate units featuring well-designed one-, two- and three-bedrooms luxury units. Units will feature designer kitchens with stainless steel appliances, nine- and ten-foot ceilings, oversized windows, walk-in closets, in-unit washers/dryers, upgraded fixtures and numerous smart technologies. Highgate's interior will feature rich luxury amenities, including a hotel-style lobby with a multi-story fireplace, an upscale clubroom, private dining, a state-of-the-art fitness center with a yoga studio, a co-working lounge and more. Outdoor amenities center around a lavish "lifestyle" courtyard with a resort-style pool, fire pits, outdoor kitchen, bar, outdoor TV lounge, dog run and more.
Highgate is located on Eisenhower Parkway, providing easy access to I-280, I-287, I-78, Route 24 and commuter bus and rail service to Manhattan. Highgate is also located nearby Cooperman Barnabas Medical Center, one of the Region's largest and most respected hospitals with 597 beds and thousands of employees.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Gigliotti, Managing Director Matthew Pizzolato, Vice President Michael Lachs and Analyst Benjamin Morgenthal.
"In a challenging debt market, Truist saw the extraordinary combination of a best-in-class developer, a strong local market and the exceptional quality of the project. They delivered competitive loan terms meeting our client's expectations," said Gigliotti.
Pizzolato added, "Upon completion, Highgate at Livingston will be the highest quality luxury community in Livingston to date. The project will set a new bar for finishes and amenities for a discerning and underserved market. We are proud to play a role in bringing this important project to the market."
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.
HOUSTON – JLL Capital Markets announced today that it arranged a $255 million credit facility for single-family rental homes located across Texas. Upon close, the facility refinanced an initial portfolio of homes in Houston, Dallas-Fort Worth, San Antonio and Bryan/College Station.
JLL worked on behalf of the borrower, Camillo Properties Ltd. doing business as SimplyHome, to secure the bridge facility through Churchill Real Estate, a vertically integrated real estate investment firm with $6 billion outstanding across more than 60 facilities in its lender finance business as of Q2 2023. SimplyHome is one of the largest private owners of purpose-built SFR in the country, and since inception, SimplyHome has scaled its holdings into 10,000 SFR homes across 100 different neighborhoods.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Colby Mueck, Managing Director Matthew Putterman, Director Laura Brown and Analyst Davis Burnett.
LOS ANGELES, July 17, 2023 – JLL Capital Markets announced today that it has secured $11.75 million in forward permanent financing for Third Thyme, a 104-unit, affordable multi-housing community in Los Angeles, California.
JLL worked on behalf of the borrower, West Hollywood Community Housing Corporation, to secure the 15-year, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.
The property is an affordable, new construction, high rise, utilizing 9% LIHTC and public funds. The property will serve seniors aged 62+, and permanent supportive housing, as well as achieve LEED Gold certification at completion.
Third Thyme is located at 1441 W. 3rd St. on a 14,866-square-foot lot in the Westlake North neighborhood.
The JLL Capital Markets Debt Advisory Team was led by Senior Director Anson Snyder.
“West Hollywood Community Housing Corporation is an experienced developer that navigated rising interest rates and construction costs during bank failure and market disruption,” said Snyder. “The entire team worked to make Third Thyme a reality. JLL and Freddie Mac are committed to affordable housing.”
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 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.
HOUSTON, Jul. 18, 2023 – JLL Capital Markets announced today that it has closed the sale of Uptown Plaza, a 28,000-square-foot neighborhood strip retail center located in the prime retail corridor of Houston, Texas.
JLL represented the seller in the transaction. Pine Ridge Real Estate acquired the asset in an all-cash transaction.
Developed in 2002, the 100-percent-leased Uptown Plaza is currently occupied by CVS, Vision Corner, EG Geller Shoes, Lesley Ann Jewels, Alchemy 43, Fizz Nails and Grotto. The property features an average tenure of over 12 years and a weighted average remaining lease term of three years.
Located at 4715 Westheimer Rd., Uptown Plaza sits at the intersection of Westheimer and Interstate 610 and is surrounded by numerous high end retail destinations, such as River Oaks District, The Galleria, Highland Village and BLVD Place. The Property attracts consumers from Houston’s most affluent residential neighborhoods, including River Oaks, Tanglewood and Montrose. Retail fundamentals in the inner-loop River Oaks submarket remain strong boasting a 3.3% vacancy rate, and across the Houston MSA retail rents have grown 5.6% YoY. The property is situated on 2.74 AC and presents the possibilities for future redevelopment in an unmatched location. Additionally, within a three-mile radius of the property is a population of over 203,000 residents, and within a one-mile radius an average household income of $164,432.
The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director Ryan West, Senior Director John Indelli and Director Erin Lazarus.
“Uptown Plaza represented the rare opportunity to acquire a high-quality inner-loop asset and will make an excellent addition to the buyer’s growing portfolio,” said West. “The strength of the retail fundamentals driven by strong population growth, as well as the barriers to entry for new retail supply, are driving strong rental rate growth, firmly positions this retail market for future success.”
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 50 countries.
For more news, videos, and research resources on JLL, please visit our newsroom.
