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Berkadia announces it has secured $25.25 million in financing for the acquisition of River Walk Savannah, a 220-unit apartment home community in Savannah, Georgia. Senior Managing Director Mitch Sinberg, Director of Operations Jared Hill and Associate Director Matt Robbins of Berkadia Boca Raton arranged the financing on behalf of the buyer, an affiliate of real estate private equity firm Vantage Point Acquisitions.
Bridge Investment Group originated the three-year, full-term interest-only loan with an aggressive floating rate and two one-year extension options. The loan includes $24.75 million in initial funding, with $500,000 in future funding for capital improvements.
“Rising home prices in Savannah, combined with population growth, continue to generate strong apartment demand in the metro area,” said Robbins. “River Walk Savannah offers the new owner considerable room to grow rents following renovations and upgrades.”
“River Walk Savannah represents an excellent opportunity for residents seeking quality affordable living in the Georgetown submarket,” said Andrew Cushman of Vantage Point Acquisitions.
Built in 1989 and located at 101 Saint George Boulevard, the River Walk Savannah offers one- and two-bedroom apartments ranging from 539 square feet to 1,000 square feet. Individual units feature hardwood floors, granite countertops, stainless steel appliances, an island kitchen, a fireplace, large bedrooms, vaulted ceilings, walk-in closets and in-unit washer and dryers. Community amenities include a pool, fitness center, clubhouse with Wi-Fi, laundry facilities, a car washing station, pickle ball courts and biking trails.
Located in Savannah’s South Side, River Walk Savannah is near the Coastal Georgia Botanical Gardens and 20 minutes away from the Hilton Head International airport.
JLL Capital Markets announced today it arranged $88.89 million in construction financing to build the Fremont Apartments, a Class A multi-housing community located on the Willamette River at 1550 N.E. Naito Parkway in Portland, Oregon.
JLL worked on behalf of a partnership between Lincoln Property Company and Bridge Investment Group to secure the loan through ACORE Capital, a leading commercial real estate finance company. The asset will be held for 10+ years as it represents an Opportunity Zone investment.
The 227,599-square-foot high-rise, apartments will consist of 236 units, averaging 932 square feet. Sitting on 1.84 acres, the property is perfectly positioned on the waterfront of the North Pearl District. The Fremont Apartments will be the tallest building in proximity to the river in Portland and is the only new permitted residential waterfront project on the west side. The 17-story upscale tower will include a mix of studios, one-bedroom and two-bedroom floor plans. The project will offer premium interior finishes and community amenities including a resident lounge, subterranean parking garage and rooftop terrace with unobstructed views of downtown Portland and the Willamette River. The property also includes a riverfront restaurant space overlooking the Willamette River.
Formerly a corridor of warehouses, the Pearl District is one of the most sought-after neighborhoods in Portland and is known for its vibrant entertainment scene, renowned restaurants, iconic art galleries and local shops and boutiques.
The JLL Capital Markets team representing the borrower was led by Managing Directors Jordan Angel, Doug Bond and Casey Davidson and Analysts Brock Knapp and Taylor Gimian.
“This development will represent the best units in the burgeoning Pearl District with extraordinary views of the Willamette River,” said Angel.
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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PHOENIX, June 9, 2020 – JLL Capital Markets announced today that it has arranged construction financing and joint venture equity for the development of Cabana on 99th, a 286-unit, garden-style multi-housing project in Phoenix’s Glendale submarket.
JLL worked on behalf of the developer, Greenlight Communities (“Greenlight”), to arrange the joint venture equity partnership with Bridge Investment Group and a construction loan through a regional bank.
Cabana on 99th will be situated at the northwest corner of 99th and Missouri Avenues just off Loop 101. Due for completion in 2021, the property will provide “attainable” workforce rental housing under the Cabana brand. The property’s design is the culmination of Greenlight’s consultation with leading industry experts, architects and property managers to design a prototype building style, floorplans, unit mix, amenities and operational strategies that would result in the construction savings needed to develop a ground-up project that provides an inviting home environment for residents at a lower cost.
Cabana on 99th’s studio, one-bedroom and two-bedroom units will total approximately 172,500 square feet. Amenities will include a common area designed as co-working space, swimming pool, outdoor grilling and dining, courtyard with lush landscaping and hammock garden, covered parking, controlled access and ride share locations.
“At Greenlight, we have adopted an ‘everything you need, nothing you do not’ philosophy in designing our Cabana projects,” said Pat Watts, Principal at Greenlight Communities. “By eliminating expensive, and often under-utilized common areas and amenities, and focusing only on those that deliver a true value component to our residents, we have reduced overall construction costs, as well as ongoing repair and maintenance costs. Gone are the extravagant over-sized clubhouses, wine storage, movie theatres and business centers. We have thoughtfully replaced such spaces with modern co-work space, indoor and outdoor fitness options and community inspired back-yard living.”
The JLL Capital Markets team representing the developer was led by Managing Director Bryan Clark, Senior Director Brad Miner and Analyst Daniel Pinkus.
“Greenlight is developing an innovative product that addresses a huge need in the market today: new, attainable housing for working families,” Miner added. “We are grateful to work with the Greenlight team and look forward to the successful development of Cabana on 99th and the other Cabana-branded projects.”
DALLAS – JLL Capital Markets announced today that it has arranged acquisition financing for Jemison Flats, a historic, seven-story, 59-unit apartment building in downtown Birmingham, Alabama.
JLL worked on behalf of the borrower, Highland Real Estate Capital, to secure the three-year, floating-rate loan through Bridge Investment Group.
Jemison Flats is located at 1827 1st Avenue in Birmingham’s Theater District. The property is also two blocks from Railroad Park, Regions Ball Park and the freshly renovated Powell Avenue Steam Plant. Originally completed in 1928, the recently renovated building includes a mix of studio and loft-style apartments that offer dramatic views of downtown and South Side. Units feature original hardwood floors, exposed beam ceilings, stainless steel appliances, concrete countertops and in-unit washers and dryers. Common area amenities include a fitness center, gated private park with grilling area and parking deck.
The JLL Capital Markets team representing the borrower was led by Managing Director Mark Brandenburg and Associate Chad Russell.
DALLAS, TX – January 8, 2019 - Holliday Fenoglio Fowler, L.P. (HFF) announces the sale and financing of a nine-property seniors housing portfolio totaling 1,558 units across the southeastern United States.
The HFF team marketed the property on behalf of the seller, Dominion Partners, acting on behalf of its affiliated partner, Somerby Senior Living. Bridge Investment Group purchased the offering free and clear of existing debt. Additionally, the team worked on the new owner’s behalf to advise on acquisition financing.
The portfolio, which has an average weighted vintage of 2012, includes seven stabilized assets averaging 94.3 percent occupancy and two assets in the late stages of lease-up. All of the communities are located in diversified, high-barrier-to-entry markets with a unit mix that includes 134 independent living villas, 771 independent living units, 393 assisted living units and 260 memory care units.
The HFF investment advisory team representing the seller included senior managing directors Ryan Maconachy and Chad Lavender.
HFF’s debt placement team representing the new owner included director Sarah Anderson.