JLL Capital Markets announced today that it has arranged $5.46 million in financing for The Place at Capper Landing, a garden-style multi-housing community located at 10535 Lem Turner Rd. in Jacksonville, Florida. 

JLL worked on behalf of Beachwold Residential to secure the supplemental loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.  

With proceeds from this loan, Beachwold Residential can continue enhancing the property with extensive interior unit upgrades such as new fixtures, appliances and finishes. 

Since Beachwold Residential acquired the property in 2015, it has spent $5.42 million on renovations, including interior and common area updates. The property was built in 1999, is about 98% occupied, and consists of 360 units, offering one-, two-, three- and four-bedroom apartments. The community is pet-friendly and has a health club, 24-hour laundry facility, playground, business center, picnic area with grills, pool with a sundeck and resident entertainment center. 

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Elliott Throne and Mona Carlton and Director Jesse Wright. 

“Beachwold has had an outstanding run with Freddie Mac this year and they have done their investors a great service by adding accretive supplemental loan proceeds to an asset that already benefits from an excellent Freddie Mac senior loan,” said Wright.  

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.

For more news, videos and research resources on JLL, please visit our newsroom.

ORLANDO (October 7,  2020) – Berkadia announces it has secured a $74 million loan for the recapitalization of Linden Audubon Park, a 449-unit, Class A gated multifamily built in 2017 in the heart of Orlando’s coveted “Parks” district in Orlando, Florida.  Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office secured the financing on behalf of the borrower, Harbor Group International.

Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with partial interest only and a 75 percent LTV. 

“Freddie Mac once again delivered an exceptional floating-rate loan both in terms of flexibility and rate for the borrower,” said Foschini. “With the overhang of the coronavirus pandemic around us, we took great care in our underwriting to demonstrate that this asset and its owner are uniquely capable of maintaining and operating an Orlando multifamily property.”

Located at 990 Warehouse Road, Linden Audubon Park is a gated community built on a 19-acre infill site in Audubon Park – a leafy, bike-friendly district known for its mid-century bungalows, high-quality schools and proximity to Orlando’s CBD just five minutes away. The property occupies the last buildable multifamily garden parcel of this size in this exclusive pocket of the metro area.

The community consists of 12 three- and-four story buildings offering a mix of one-, two- and three-bedroom floor plans, including townhomes with attached garages and elevator access in some buildings. Individual apartments feature quartz countertops, energy-efficient stainless steel appliances, nine- and 10-foot ceilings, wood-inspired flooring, full size washer and dryer, oversized windows, screened patios and designer fixtures. Community amenities include two resort-style pools; poolside entertaining bar & TVs; outdoor kitchens, gas grill areas and fire pit;  a two-story resident clubhouse with expansive gym; a stand-up tanning room and game room; a bark park and dog wash station; water views; and direct access to Cady Way Trail and Lake Druid Park.

Audubon Park was the winner of the 2016 Great American Main Street Award and is one the most desirable neighborhoods in Orlando with its top-rated schools and parks, proximity to over 400,000 jobs, and impressive local food and drink scene.
NARK

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About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.

© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.

Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.

Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.

This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc.  under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050. 

Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.

For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx

JLL Capital Markets arranges the sale and financing for the 171-unit multi-housing property to Trailbreak Partners 

DENVER, September 30, 2020 – JLL Capital Markets announced today that it has arranged the sale of and acquisition financing for Confluence at Three Springs, a 171-unit, garden-style, multi-housing community in Durango, Colorado. 

JLL marketed the property on behalf of the seller, GF Properties Group. Denver-based Trailbreak Partners purchased the asset. Additionally, JLL worked on behalf of the borrower to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. 

Confluence at Three Springs comprises seven three-story buildings that house a mix of one- and two-bedroom units that average 845 square feet. The property features direct trail access, a playground, barbeque grill, outdoor lounge, resident lounge, yoga studio and restaurant and bar. The community is situated on 5.95 acres at 150 Confluence Ave. in the master-planned Three Springs community, which was developed by the seller. Completed in 2016 and 2018, the property is one of just two residential projects of this scale completed in the Durango region in the last 15 years. 

The JLL Capital Markets Investment Advisory team representing the seller included Directors Mack Nelson and Christopher White. 

The JLL Capital Markets Debt Placement team representing the borrower was led by Director Rob Bova and Managing Director Josh Simon. 

“Our team was pleased to work on behalf of GF Properties to secure a buyer for Confluence at Three Springs in the dynamic Durango market,” White said. “The strong execution by Trailbreak is evidence of the quality product developed by GF Properties and the enviable success of the entire Three Springs development.”

Huntsville, Ala. (September 28, 2020) – Berkadia announces it has secured a $34.91 million loan for the acquisition of Ascent at Jones Valley, a 431-unit apartment community located in Huntsville, Alabama, one of the top rent growth markets in the nation. and Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office secured the financing on behalf of borrower, an entity controlled by Wicker Park Capital Management LLC of Savannah, Georgia.  

Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with partial interest only and a 75 percent LTV. 

“With its quality construction, recent renovations and multiple townhome options for residents to choose from, Ascent at Jones Valley is one of the more sought-after complexes in this submarket,” said Foschini. “Freddie Mac continues to be a terrific solution for borrowers in both fixed and floating rate executions. In this case, Freddie recognized the borrower’s success and acumen in this metro area with other projects and provided a loan well suited to improving the asset’s profile within its competitive set. The brilliance of a floating-rate execution is that it allows both a low interest-only base rate and the ability to transition the asset to a new loan upon a sale or future refinance, as value is added to the community and income improves.”

Known as “Rocket City” for its conglomeration of aerospace/aviation companies, Huntsville is home to Redstone Arsenal, Cummings Research Park, The Marshall Space Flight Center (MSFC), Blue Origin, The Boeing Company, and GE Aviation, among others. According to Berkadia Research, Huntsville apartment occupancy enjoyed a record high in 2019, and despite an economic slowdown in Q2 2020, effective rents rose nearly 7 percent year over year, and occupancy was up 20 basis points year over year to 96.8 percent.

Located at 1225 Williowbrook Drive SW, Ascent at Jones Valley was built in 1978 and has received over $4.5 million in upgrades from prior owners since 2016.

The property consists of one-, two- and three-bedroom units with an average size of 1,211 square feet. Roughly a third of the property’s units are two-and three-bedroom townhome floor plans.  Community amenities include a fitness center, coffee & tea bar, leasing/business office, pet park and play area, playground, two swimming pools, a lighted tennis court and grilling/picnic areas.

Strategically positioned less than 2 miles east of Memorial Pkwy (US-231), one of Huntsville’s primary transportation arteries, Ascent at Jones Valley is centrally located in South Huntsville among the metro’s most affluent suburbs and quality retail destinations.  

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About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.

© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.

Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.

Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.

This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc.  under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050. 

Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.

For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx

Greystone Exceeds $1 Billion in Total Small Loan Originations with Freddie Mac and Fannie Mae Combined Year-to-Date; Reaches Lifetime Origination Total for Freddie Mac SBL Loans of Over $5 Billion

Greystone, a leading national commercial real estate finance company, announced it has reached two significant milestones in small loan production, including exceeding $1 billion in combined Freddie Mac and Fannie Mae multifamily small loans origination year-to-date in 2020. A participant with both GSE small loan programs since inception, Greystone Servicing Company LLC is one of the first Optigo® lenders to exceed $5 billion in origination for Freddie Mac’s Small Balance Loan platform since their program launched in 2014.

“The market challenges that arose this year during the pandemic particularly impacted the workforce housing market, but Greystone has remained steady as a source for Agency financing throughout it all, especially as interest rates continue to remain low,” said Rick Wolf, head of Greystone’s small loan platform. “We value our partnerships with Freddie Mac and Fannie Mae and their critical role in helping to finance the workforce housing market, which supports critically-needed affordable rental housing in all markets around the nation.”

Loans offered for the small loan asset class, which typically include properties between 5 and 50 units, range from approximately $1 million to $6 million (up to $7.5 million for Freddie Mac). The mortgages include hybrid adjustable rates, fixed rates, and interest-only options at up to 80% LTV, as well as flexible step down prepayment options. Interest-only financing is available on a case-by-case basis.

“We congratulate Greystone on achieving a tremendous milestone - being one of the first Optigo Small Balance lenders to surpass the $5 billion mark,” said Megan McElgunn, Senior Director of SBL production for Freddie Mac. “Since 2014, Greystone has been a key partner contributing to the success of our SBL platform, and we look forward to our continued work together in providing financing to this critical segment of the multifamily market.”

“Greystone continues to be a vital contributor to Fannie Mae’s small loans lending platform. Their dedication and experience in this important segment of housing has been crucial and we are grateful for their partnership in providing liquidity for workforce housing,” said Ann Atkinson, Senior Director, MF Customer Engagement, Fannie Mae. “With partners such as Greystone, we provide reliable and sustainable financing solutions for small loans nationwide. Today, more than ever, people need access to safe, decent, affordable housing; Greystone and Fannie Mae are here to fulfill that need through this difficult time.”

The 370-unit Reserve at Gwinnett in Norcross was acquired earlier this year through Benefit Street Partners’ purchase of Broadtree Residential, Inc.

Norcross, GA  – Berkadia announces it has secured a $37.7 million loan for the refinance of The Reserve at Gwinnett, a 370-unit Class A multifamily community located in Norcross, Georgia. Senior Director Corby Chaffin of Berkadia’s Houston office and Managing Director Michael Weinberg of Berkadia’s Orlando office arranged the financing on behalf Broadtree Residential, Inc.

Freddie Mac provided a 10-year, fixed-rate loan at a 65% loan to value.

Broadtree Residential, Inc. is an open-ended, continuously offered, multifamily fund utilizing a REIT structure designed to offer accredited investors access to multifamily real estate via investment in an institutionally managed private fund. Broadtree Residential, Inc. is managed by Benefit Street Partners L.L.C. a leading credit focused alternative asset management firm with $28 billion in assets under management as of June 30, 2020.

“We are pleased to have a symbiotic relationship with the sponsor on many levels,” commented Weinberg. “Agency financing is so attractive right now that multifamily borrowers are getting great options. Freddie Mac was able to provide incredible terms with a rate sub 3%, fixed for 10 years with significant interest only.”

Michael Comparato, Head of Commercial Real Estate at Benefit Street Partners, commented, “We have a long-standing relationship with Berkadia and are thrilled with their performance and execution on this transaction. This is an excellent refinance for the REIT and its shareholders, locking in long-term, fixed rates at some of the lowest yields in the history of our industry.” 

Built in 1999, The Reserve at Gwinnett consists of 14 residential buildings containing one-, two- and three-bedroom units ranging in size from 959 square feet to 1,555 square feet.  All units feature open floorplans, walk-in closets, and a patio or balcony. The property also includes 12 attached and 18 detached garages, along with ample surface parking for residents. The community offers numerous attractive amenities, including a modern fitness center, clubhouse and business center, resort-style swimming pool, grilling area, dog park, and lighted tennis courts.

The Reserve at Gwinnett is conveniently located just off I-85, 10 minutes from Gwinnett Village and downtown Norcross, and 30 minutes from Atlanta, Georgia.