JLL arranges $318.45M financing for six-property multi-housing portfolio

25 January 2022

ORLANDO, Jan. 24, 2022– JLL’s Capital Markets group announced today that it secured a $318.45 million acquisition loan for a six-property, 1,494-unit multi-housing portfolio located across Maryland, Virginia and Alabama.

JLL represented the borrower, Carter Multifamily, to secure the floating-rate, non-recourse bridge loan through J.P. Morgan Chase Bank that will facilitate a Single Asset Single Borrower (SASB) securitization, which is a single-loan large enough to create its own pool for securitization.

The multi-housing portfolio consists of:

·       Park at Kingsview Village, 13414 Daventry Way, Germantown, Maryland

·       Stonecreek Club, 12840 Locbury Circle, Germantown, Maryland

·       Hunt Club, 404 Christopher Ave., Gaithersburg, Maryland

·       Springwoods at Lake Ridge, 12395 Midsummer Ln., Woodbridge, Virginia

·       Windsor Park. 3937 Penshurst Ln., Woodbridge, Virginia

·       Oaks of St. Clair, 5050 Oaks of St. Clair Circle, Moody, Alabama

Featuring garden-style construction with competitive amenities, the overall portfolio benefits from the surging demand for workforce housing.

Five of the properties are in the Washington, D.C. suburbs, providing tenants access to the fast-growing job market in and around the District. The 326-unit Park at Kingsview Village, the 240-unit Stonecreek Club and the 336-unit Hunt Club are set in Germantown and Gaithersburg, Maryland, respectively, which are northwestern suburbs along Interstate 270. The 220-unit Windsor Park and the 180-unit Springwoods at Lake Ridge are both within Woodbridge, Virginia, a southern suburb approximately 23 miles from downtown Washington, D.C. Located in the growing Birmingham, Alabama MSA, the 192-unit Oaks of St. Clair is positioned in Moody, Alabama, approximately 20 miles east of downtown Birmingham.

JLL’s Capital Markets Debt Advisory team that represented the borrower was led by Senior Managing Directors Melissa Marcolini Quinn and Lee Weaver, Director Drew Jennewein, Vice President Rob Rothaug and Associates Emily Moallem and Cody Mizelle.

“This portfolio acquisition featured multiple sellers and a compressed timeframe, with less than 30 days from signed term sheet to closing,” Quinn said. “The team at JP Morgan was able to provide an attractive, short-term, balance sheet financing option, which is ideal for the planned SASB take out.”

“We were able to meet the closing deadline through hard work and significant cooperation among our teams,” Weaver added. “The borrower team at Carter Multifamily has a track record of adding value to multi-housing assets, and they were fantastic to work with on this acquisition, which will be a terrific addition to their portfolio.”