CHARLOTTE, May 21, 2020 – JLL Capital Markets announced today that it has completed the sale and financing of Hawthorne at Lake Norman, a 232-unit, Class A multi-housing community in Mooresville, North Carolina.
JLL represented the seller, Hawthorne Residential Partners, LLC, and procured the buyer, PassiveInvesting.com. Additionally, JLL worked on behalf of PassiveInvesting.com to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.
Hawthorne at Lake Norman is located 25 miles north of Uptown Charlotte at 118 Plantation Creek Drive in Mooresville, one of Charlotte’s fastest growing communities. The property is nestled along the shores of Lake Norman and is just minutes from the area’s largest employer, Lowe’s Corporate Headquarters. Additionally, Hawthorne at Lake Norman has tremendous accessibility to Uptown Charlotte via the newly delivered I-77 Express Lanes and is surrounded by more than 5.5 million square feet of retail amenities. The 20-acre site is home to 18 two- and three-story garden-style buildings offering spacious units averaging 1,055 square feet each and 104 direct access garages. Community amenities at the 97%-leased property include a multimedia center, cybercafé, 24-hour fitness center with rock climbing wall, saltwater swimming pool, car wash station, pet park and exclusive boat club.
The JLL Capital Markets team representing the seller included Managing Directors Andrea Howard and Jeff Glenn, Senior Director Allan Lynch and Directors Caylor Mark and John Currin.
JLL’s Capital Markets team representing the borrower was led by Managing Director Cory Fowler.
“A product of the area’s dynamic growth story and Hawthorne’s stewardship of the property, the sale of Hawthorne at Lake Norman represented one of our team’s most competitive marketing campaigns,” Howard said. “To close a transaction during these uncertain times requires tremendous operational performance at the property level and diligence by both the buyer and seller. This collective performance culminated in a successful sale of a differentiated asset that will offer PassiveInvesting.com outsized returns for years to come.”
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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Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $27.6 million Freddie Mac loan for the acquisition of a multifamily property in Hammond, Indiana. The transaction was originated by Dan Sacks and Eric Rosenstock, both Managing Directors at Greystone, on behalf of Bayshore Properties.
The conventional Freddie Mac Capital Markets Execution (CME) Green Up acquisition loan for Tanglewood Apartments carries a 10-year term and 30-year amortization, with the first two years of interest-only payments. Tanglewood is a 384-unit Class-B multifamily property acquired for $33.5 million, and is located in the Gary metropolitan statistical area (MSA) in Northwest Indiana. The property consists of 16 three-story buildings spread across nearly 20 acres, with amenities including clubhouse, pool, sauna, fitness center, picnic areas and detached garages.
“Given the current market conditions, higher debt leverage such as on this transaction – at nearly 80% -- is harder to achieve,” said Mr. Rosenstock. “We worked closely with Freddie Mac’s team and the borrower to get everyone comfortable with the strong underwriting presented, available liquidity and necessary reserves.”
“Overall, with the Freddie Mac Green Up improvements planned to be made, the property will ultimately be more efficient and provide savings to the tenants,” added Mr. Nick Kozul, principal, Bayshore Properties. ‘We are grateful to the Greystone team for their commitment to getting this done during a pandemic, and achieving a great result for us.”
CHICAGO, May 20, 2020 – JLL Capital Markets announced today that it has arranged a $10.296 million refinancing for British Woods, a 130-unit multi-housing community in Oak Ridge, Tennessee.
JLL worked on behalf of the borrower, MZ Capital Partners, to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.
British Woods is located at 301 Briarcliff Avenue approximately 20 miles northwest of downtown Knoxville. The recently revitalized property is positioned on a 10-acre site close to West Knoxville, The Oak Ridge National Labs and the Y-12 National Security Complex. British Woods offers one-, two- and three-bedroom layouts in both townhome and garden-style homes. Amenities at the 98%-leased, pet-friendly community include a swimming pool, fitness center, clubhouse, bark park and nearby walking and biking trails.
The JLL Capital Markets team representing the borrower was led by Managing Director Matthew Schoenfeldt.
“The principals of MZ Capital Partners have a proven formula for adding value and enhancing communities,” Schoenfeldt said. “British Woods is a shining, flawlessly-executed example of this strategy.”
Greystone Closes $65 Million Freddie Mac Loan for The Lions Group’s Newly-Built Multifamily Project in Long Island City, Queens
Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced it has provided a $65,000,000 Freddie Mac loan to an affiliate of The Lions Group to refinance One LIC, a brand new 20-story, 110-unit (70% market-rate / 30% moderate income) multifamily rental apartment located at 42-10 27th Street in Long Island City, NY. The new 16-year fixed-rate permanent financing through Freddie Mac’s “Lease-Up” program refinanced a Bank Leumi construction loan. Notably, this was one of the last “pre-stabilized” permanent loans to receive Freddie Mac credit approval since the program was suspended due to the COVID-19 pandemic. Drew Fletcher, Bryan Grover and Matthew Klauer of Greystone Capital Advisors originated the financing.
One LIC is a 110-unit, Class-A apartment building completed in 2019. The project also includes three retail spaces (Starbucks, CityMD, and Yoyoso), on-site parking and 4 floors of amenity space comprising a fitness center, children’s playroom, rooftop terrace, and lounge. One LIC is adjacent to the Queensboro subway station, serviced by the 7, E, M, and G subway lines, which provide access to Grand Central and Bryant Park in 10-15 minutes and Hudson Yards in 20 minutes.
"Closing a loan in New York City during COVID-19 posed several unique challenges ranging from the traditional property inspection and title search to the temporary closure of the retail tenants and inability to show apartments. Despite these challenges, however, we were still able to deliver a tremendous execution for our client," said Drew Fletcher, President of Greystone Capital Advisors.
“We are thrilled to have closed on this deal. The circumstances of the world changed dramatically throughout the process, but Greystone remained diligent and never wavered. Looking forward to more business in the future,” said Aaron Shirian.
DENVER – JLL Capital Markets announced today that it has arranged the refinancing of Advenir on Addison, a 264-unit, garden-style multi-housing property in North Dallas.
JLL worked on behalf of the borrower, Advenir, to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.
Advenir on Addison is located at 17671 Addison Road near the intersection of President George Bush Turnpike and Dallas North Tollway. The property is well supported by retail, dining and entertainment venues, including the Galleria Mall, Village on the Parkway, the Shops at Willow Bend and Valley View redevelopment. Advenir on Addison is also near the Platinum Corridor, one of the DFW metroplex’s largest office corridors, and three of the metro’s largest mixed-use developments: CityLine, Legacy Business Park and Frisco’s $5 Billion Mile. Units include one- and two-bedroom floor plans averaging 923 square feet with amenities such as stainless steel appliances, granite kitchen counters, hardwood and slate flooring, spacious walk-in closets, in-unit washers and dryers, and attached garages for all units.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Eric Tupler, Managing Director Josh Simon and Senior Managing Director Andy Scott.
DALLAS – JLL Capital Markets announced today that it has arranged the refinancing of Central Park Apartments, a 144-unit, garden-style apartment community in North Dallas’ Vickery Meadow neighborhood.
JLL worked on behalf of the borrower, Frontline Holdings, to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
Central Park Apartments is located at 8325 Meadow Road one half of a mile east of North Central Expressway (U.S. Highway 75). Originally built in 1977, Frontline Holdings has invested more than $1 million in capital improvements to the property since acquiring it in 2016. The property consists of 12 two-story buildings that house 96 one-bedroom units and 48 two-bedroom units. Community amenities include a pool, fitness center, clubhouse, business center, on-site laundry facilities and 192 surface parking spaces.
The JLL Capital Markets debt placement team representing the borrower was led by Managing Director Mark Brandenburg and Associate Chad Russell.