DENVER – JLL Capital Markets announced that it has arranged $38.5 million in construction financing, in addition to Co-GP equity, for Residences at Bolivar, a 184-unit, Class A, luxury multi-housing development with 2,611 square feet of ground-floor retail located in downtown Cleveland, Ohio.
JLL represented the borrower, SomeraRoad Inc., to arrange the $38.5 million loan through a Midwest-based regional bank. JLL also secured Co-GP equity investment with LCI Development Partners, an affiliate of Leopardo Companies, who is acting as the General Contractor on the project.
Set to deliver in early 2025, the seven-story community will be an adaptive re-use project that is built on top of a refurbished, three-story 277-space parking garage. The property will feature studio, one-bedroom and two-bedroom units averaging 703 square feet. The development will offer luxury unit finishes and a highly impressive amenity package, including a resort-style pool, sun deck, resident lounge, fitness center, package room and bike storage. The exterior of Residences at Bolivar will pay homage to the neighborhood’s historic roots, while the interior will support high-end living.
Situated at 1060 Bolivar Road, within an Opportunity Zone, Residences at Bolivar will be located within the core of the Cleveland CBD in the highly walkable Gateway District. It will be bounded by Bolivar Road, East 9th Street and Erie Court, and the property’s central location creates the opportunity for a live-work-play-stay destination. Residents will be minutes from Progressive Field, Rocket Mortgage Field House, countless bars, restaurants and venues, as well as adjacent to an office property also owned by SomeraRoad. The community will offer phenomenal access to Interstate 90 and Highway 20 via East 9th Street and will be proximate to the various public transportation stops that provide access to the Tower City Center, which is only .5 miles from Bolivar Road.
The JLL Capital Markets Advisory Team representing the borrower was led by Senior Managing Director Leon McBroom, Managing Director David Gaines and Directors Lucas Borges and Will Haass.
“Residences at Bolivar is a testament to capital’s appetite for uniquely positioned development opportunities, spearheaded by first class developers like SomeraRoad and LCI Development Partners.” said Director Will Haass, “Cleveland saw 15.3% rent growth year-over-year and has proven to be a resilient market. Residences at Bolivar will be a welcomed new construction offering 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.
JLL Capital Markets announced today that it has arranged $84 million in construction financing for Overland and Ayres, a 201-unit, best-in-class multi-housing community in West Los Angeles, California.
JLL worked on behalf of the borrower, an affiliate of GPI Companies, to secure the floating-rate construction loan through Citizens.
With an anticipated completion in 2024, the six-story Overland and Ayres will be fully integrated with the award winning, newly constructed West End creative campus. It will feature 100% market-rate units, consisting of 56 studios, 97 one-bedroom units, 39 two-bedroom units and nine townhomes fronting Ayres Avenue. Amenities include a cutting-edge health club with open-air environments, including a podium pool deck and outdoor fitness lawn. Additionally, the community will include approximately 6,200 square feet of commercial space.
Situated at 2455 Overland Ave., the project is in an affluent West Los Angeles neighborhood and is proximate to numerous entertainment and employment drivers. Additionally, residents will have convenient access to the Metro Expo Line (located within a half mile), Interstate 405 and Interstate 10.
The JLL Capital Markets team was led by Executive Managing Director Kevin Mackenzie, Senior Managing Directors Greg Brown and Jeff Sause and Directors Sam Godfrey and Charlie Vorsheck.
“We are proud to have been able to source a construction loan that satisfied our client’s needs despite economic headwinds and rising interest rates and look forward to seeing this beautiful project come to life,” said Brown.
JLL Capital Markets announced today that it has arranged the $3.2 million financing for Element 79, a 40-unit, garden-style apartment complex in Helena, Montana.
JLL marketed the loan on behalf of the borrower, Graystoke Capital Partners, to secure the seven-year, full-term interest only, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Constructed in 1963 and renovated in 1985, the property features studio, one-, two- and three-bedroom units with an average size of 656 square feet. Community amenities include storage lockers, community laundry, high speed internet, pet-friendly offerings, easy parking and convenient walkability.
Situated at 301 W. Lawrence St., the community is located within walking distance to Helena’s historical Last Chance Gulch commercial and entertainment district.. Mt. Helena is less than an 11-minute walk from the property. Additionally, the community sits in the Helena School district, a top tier district in all of Montana.
”We are thrilled with the execution delivered within a tight timeframe by Tony and his team at JLL. Regardless of loan size, they make the Agency process smooth,” noted Matt Steffen, Managing Principal at Graystoke Capital Partners.
The JLL Capital Markets Debt Advisory team was led by Managing Director Tony Nargi.
“JLL is thrilled to be involved in another financing for Graystoke. They are an absolutely tremendous owner operator in the Mountain West that can uncover excellent deals in any market environment. Fannie Mae provided very strong pricing, full-term interest only and an overall great execution for this 5-50 unit “mission-driven” property,” said Nargi.
MIAMI – JLL Capital Markets announced today that it has closed the construction financing for Infinity at the Colony, a 96-unit, luxury, high-rise condominium development located within The Colony Golf & Bay Country Club in Bonita Springs, Florida.
JLL represented the borrower, The Ronto Group and Wheelock Street Capital, to secure the loan through MSD Partners.
The 21-story Infinity will rise above the Gulf Coast and feature three- and four-bedroom luxury residences with five open-concept floor plans ranging from 3,075 square feet to 4,020 square feet. Each unit will be serviced by private elevators and will have gourmet kitchens, floor-to-ceiling windows, oversized private balconies and private two-car garages. The endless, resort-style amenities at the Infinity include a beach-entry family pool, adult lap pool, a fitness center with steam and sauna rooms, a game room, a rooftop sunset terrace and a poolside bar and grill, which will be the only of its kind among properties in The Colony. Additional exterior amenities will include bocce and pickleball courts and a luxury 9-hole putting golf course designed by Beau Welling.
Situated at 4820 Pelican Colony Blvd., Infinity is located within The Colony, a highly sought-after country club community located just west of US 41 between Naples and Fort Myers. The Colony features approximately 1,000 residences built among 18 unique neighborhoods that range from high-rise condos with exceptional views of Estero Bay and the Gulf of Mexico to single-family estate-sized villas. Infinity is the first of two towers planned for the parcel, which is the last available development site within The Colony. Additionally, The Colony is set within the larger, master-planned Pelican Landing, which is home to more than 3,350 residences and provides residents of The Colony access to Pelican Landing Beach Park on Big Hickory Island, the Pelican Landing Community Center and Fitness Center, the Pelican Landing Tennis Center, pickleball courts, two kayak facilities, a sailing facility and bocce courts.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Steven Klein, Managing Director Brian Gaswirth and Associate Paul Adams.
“The Ronto Group and Wheelock Street Capital continue to find superior development sites and deliver some of the highest quality condo projects throughout Southwest Florida,” said Klein. “Infinity is a perfect example of their success as evidenced by its strong presales.”
“We are pleased to partner with The Ronto Group and Wheelock Street Capital to finance this unique development and extend our commitment to investing in high-quality real estate in Florida,” said Adam Piekarski, Managing Director and Co-Head of Real Estate Credit at BDT & MSD Partners.
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.
SAN DIEGO - JLL Capital Markets announced today that it has closed the $13.1 million acquisition financing for The Independent, a Class A, 61-unit multi-housing asset located in Sand City, California within Monterey County.
JLL marketed the property on behalf of the borrower, Diversyfund, to secure a fixed-rate loan through a life insurance company.
Built in 2008 and renovated in 2014, The Independent offers a mix of modern studios, one-bedroom and two-bedroom units with stainless steel appliances, granite countertops and modern cabinetry. Community amenities include a courtyard, carports and garage parking. Further upside from the property comes from the 11,000 square feet of vacant commercial space and the opportunity to develop additional units on the underutilized, excess land included with the purchase.
Situated at 600 Ortiz Ave., the property is walking distance to Monterey State Beach and less than ten miles away from the famous Pebble Beach Golf Courses and Monterey Bay Aquarium. Sand City is set on the shores of Monterey Bay, offering a high quality of life with proximate boutiques, fine dining, art galleries, shops and cafes.
“The Independent represents a unique investment opportunity to purchase a great asset in a supply-constrained coastal California market below replacement cost. Real estate is truly a team sport, and we couldn’t have asked for better partners than JLL and Eagle Realty Group on this acquisition,” said Isaac Dixon, Senior Vice President, Real Estate at DiversyFund.
The JLL Capital Markets Debt Advisory team was led by Managing Director Bryan Clark and Associate Brad Vansant.
NEW JERSEY, Jan. 5, 2023 – JLL Capital Markets announced today that it has arranged the $88.6 million construction financing and the $38 million equity placement for Canterly Place, a 300-unit, to-be-built, Class A apartment building located in Livingston, Essex County, New Jersey.
JLL represented the sponsor, Okner Developers, LLC, to secure the 10-year, fixed-rate construction loan through Northwestern Mutual. JLL also arranged the joint venture equity with Northwestern Mutual.
Canterly Place will feature 240 market-rate units and 60 affordable-rate units. The units will feature
superbly designed one-, two- and three-bedroom floorplans with designer kitchens, hardwood-style flooring, oversized windows, walk-in closets, in-unit full-size washers and dryers. Community amenities will include a hotel-style lobby, an upscale clubroom, a library lounge, a private dining, a game room, a state-of-the-art fitness center, a co-working work from home lounge, a golf simulator, a resort-style pool, a paved walking path/fitness trail, a basketball court, a pickleball court and more.
Situated on Okner Parkway, Canterly Place is located just off Route 10, less than one mile west of Eisenhower Parkway, providing easy access to nearby I-280, I-287 and Route 24. Livingston is an easy commute to the region’s major employment hubs in the surrounding area and just 10 miles away from Manhattan. Local retail amenities include numerous stores and shopping centers along the Route 10 Retail Corridor located just south of property.
The JLL Capital Markets Team was led by Jon Mikula, Jim Cadranell, Matthew Pizzolato and Michael Lachs.
“JLL is pleased to announce the successful capitalization of this exceptional project,” said Cadranell. “Northwestern Mutual recognized the outstanding investment characteristics of this development which outweighed the current disruption in the capital markets. Canterly Place will be a first-class property that will enhance the quality of life of its residents and the surrounding community.”
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.
