MORRISTOWN – JLL Capital Markets announced today that it has closed the sale of Town Hall Terrace, a 460-unit multi-housing community located in Grand Island, New York.
JLL marketed the property on behalf of a private owner who was the original owner and developer of the property and procured the buyer.
Town Hall Terrace was built in stages from 1963 through 2008. The property consists of 384 one- and two-bedroom apartment flats, 46 three-bedroom townhomes and 30 two-bedroom senior patio homes. The units have a wide range of amenities with certain models presenting opportunities for upgrades. The high-quality townhomes and senior patio homes currently feature numerous modern offerings, such as Pergo floors, stainless steel appliances, in-unit washers and dryers, spacious kitchens, walk-in closets and personal yard space. Community amenities include a clubhouse lounge, a fitness center, a heated pool, tennis courts, a picnic pavilion and a dog exercise park.
Located at 2255 Center Terrace, Town Hall Terrace is situated in Grand Island, an island community positioned between Buffalo and Niagara Falls, with proximity to Canada. Strategically located off Interstate 190, a major north-to-south thoroughfare, and within close distance of Interstate 290, the asset provides access to the major highways in the area and offers unmatched connectivity throughout Erie County and the greater Upstate New York area. The property is also located 17.5 miles away from the Buffalo Niagara International Airport and 10.4 miles from the Amtrak Niagara train station, supplying tenants with the convenience of major transportation services. With the availability of mass transit, Town Hall Terrace’s community benefits from numerous nearby points of interest that include over 4.5 million square feet of retail, restaurants, parks, schools and grocery stores.
The JLL Capital Markets Investment Sales Advisory team was led by Steve Simonelli, Mike Oliver, Jose Cruz, Austin Piece, Elizabeth DeVesty and Andrew Scandalios.
“We were delighted to represent the original owner and developer of Town Hall Terrace in the sale of the property. There was significant interest in the greater Buffalo market, and the property from a wide variety of national and regional investors even in these more challenging times,” said Simonelli
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.
AUSTIN – JLL Capital Markets announced today that it has arranged the sale of Caliza, a 270-unit, Class A, garden-style apartment community in the northwest Austin suburb of Cedar Park, Texas.
JLL worked on behalf of the seller, Internacional Realty, and Virtus Real Estate Capital acquired the asset.
Built in 2020, Caliza features one-, two- and three-bedroom units with modern finishes, wood-style flooring, custom cabinetry, stainless steel appliances, LED lighting, 14-foot ceilings, private yards and direct access garages. The property features a best-in-class amenity package, including a recently renovated resort-style swimming pool, expansive fitness center and group exercise room, outdoor pavilion with an exterior fireplace and a clubhouse with a catering kitchen.
Situated at 12638 Ridgeline Blvd., the property is within proximity to several highly regarded neighborhoods, such as Anderson Mill, Cypress Mill and Avery Ranch, and is surrounded by some of the city’s most prominent economic drivers, including Austin’s premier mixed-use hub, The Domain and Dell Technology’s campus. The community provides residents with access throughout the metroplex via Highway 183 and Highway 45 and is just six minutes from Westwood High School, one of Austin’s premier high schools known for top-rated academics. Additionally, Caliza is a short drive from Lake Travis, one of the top lakes in the state.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Ryan McBride and Robert Arzola.
“We are excited to add Caliza to our growing portfolio. This acquisition exemplifies Virtus’ investment strategy of finding well-located, institutional quality opportunities in markets with long-term secular growth tailwinds,” said Christopher Kott, Managing Director at Virtus.
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 sales and 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.
SEATTLE – JLL Capital Markets announced today that it has closed the $32.125M construction financing for the development of The Virginia, a 198-unit market-rate multi-housing project located in Seguin, Texas.
JLL represented the borrower, Periscope Capital Investment and Verdot Capital, to secure the 15-year, floating-rate loan through a regional bank.
With an anticipated completion in 2024, the three-story project will offer one-, two- and three-bedroom units, averaging 892 square feet. Community amenities will include a best-in-class fitness center, sauna, yoga room and swimming pool, as well as a a recreational patio, a business center, barbeque areas, dog parks and more. A second phase of this project will be delivered in 2025, which will bring the total market-rate units to 424.
Located at 3501 N. Austin St., The Virginia is located thirty minutes east of San Antonio and about an hour south of Austin. The site also features direct access to Interstate 10, which is a direct transportation artery into Downtown San Antonio. Seguin serves as the retail hub for three major counties, Guadalupe, Gonzales and Wilson, and the site provides convenient access to downtown Seguin, which houses the bulk of the retail options. Nearby attractions include ZDT’s Amusement Park, The Seguin-Guadalupe Heritage Museum, Walnut Springs Park and Max Starcke Park and Golf Course.
The JLL Capital Markets Debt Advisory team was led by Director Alanna Ellis, Managing Director Jeff Lepley and Associate Alex Sheaffer.
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 sales and 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.
MINNEAPOLIS – JLL Capital Markets announced today that it has closed the sale of Urbana Court, a 207-unit, multi-housing community located in the heart of the Twin Cities medical alley in Brooklyn Park, Minnesota.
JLL worked on behalf of the seller, Trident Development, LLC, and buyer, Turner Impact Capital, a leading real estate investment firm dedicated to social impact, acquiring the asset for Turner Multifamily Impact Fund II.
Completed in 2021, Urbana Court’s studio, one- and two-bedroom units feature full-size washers and dryers, stainless steel appliances, granite countertops and an average size of 877 square feet. The best-in-class community amenities include a pool and pool house, 24-hour fitness center, pickleball courts, private dog park, expansive parking and outdoor pergolas.
Situated at 5401 94th Ave N., the property is located along the rapidly growing 610 Corridor. The area is home to Target's expansive 333-acre northern campus, Medtronic, Olympus, Tesla and many more employers. To the north of the property is the brand new 610 Surgery Center, as well as Rasmussen College, which focuses on teaching future nurses, surgical techs and physical therapists. The location also offers residents immediate access to both Minneapolis and St. Paul, in addition to the corporate headquarters of 16 Fortune 500 companies within a 45-minute drive.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Dan Linnell, Mox Gunderson, Josh Talberg and Senior Director Adam Haydon.
“The Highway 610 Corridor in Brooklyn Park has seen explosive job growth and investment since its connection to I-94 westbound in 2017,” said Linnell. “Trident seized this opportunity and began developing in the area back in 2017, most recently starting construction on Urbana Court Apartments in 2019 and completing the asset in 2021. JLL had the opportunity to work with them on the initial construction financing, as well as the ultimate sale four years later. Trident focuses on developing attainable luxury multi-housing projects surrounding the Twin Cities.”
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 sales and 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.
BOSTON – JLL Capital Markets announced today that it has closed the $29.15 million sale of and arranged the $18.288 million in first mortgage acquisition financing for Chases Ocean Grove, a 19.2-acre piece of land that is encumbered by 277 individual ground leases improved with seasonal cottages located within Cape Cod in Dennisport, Massachusetts.
JLL represented the seller, Chases Ocean Grove, and procured the buyer, Old Wharf Dennis LLC. Additionally, JLL and Faros Properties worked on behalf of the new owner to secure the five-year, fixed-rate loan through Webster Five Cents Savings Bank.
Situated at 217, 218, 220, 230, and 241 Old Wharf Rd., the property offers 1,000 feet of beach front access along Nantucket Sound on the south side of Cape Cod. The property is in Dennisport off of Route 28, providing easy access to other locations on Cape Cod. Dennisport is a census-designated place (CDP) within the town of Dennis, a village located in Barnstable County. It shares a western border with West Dennis, and West Harwich lies directly to Dennisport’s east. Route 6, the Cape’s main throughway, is just a short distance away. The property is strategically located amongst many key amenities, including a Shaw’s, a Library, Cape Cod Hospital, Handkerchief Way Beach and Haigis Beach.
The JLL Capital Markets Investment Sales and Advisory Team was led by Managing Directors Martha Nay and Alan Suzuki, Senior Director Matt Enright and Director Kellie Coveney. The JLL Capital Markets Debt Advisory team was led by Senior Director Jonathan Schneider.
“This trade is a strong example of a buyer who recognizes the specialness of Chases Ocean Grove,” Nay said. “The seller has taken great care of the asset, fostering community over many decades. The buyer saw how unique the asset was and jumped at the opportunity to be a part of this irreplaceable asset. We are grateful the buyer trusted JLL with this incredible asset and transaction.”
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 sales and 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 ore news, videos and research resources on JLL, please visit our newsroom.
NEW YORK – JLL’s Capital Markets group announced today that it has arranged a $350 million debt and equity capitalization for the development of The Italic, a to-be-built, 363-unit, luxury mixed-use community located at 26-32 Jackson Ave. in Long Island City. The property will include 283,000 square feet of residential space and 10,000 square feet of commercial retail space.
JLL exclusively represented the borrower, American Lions, a joint venture between Fetner Properties and the Lions Group, to secure the loan. JLL also arranged the joint venture equity.
Upon completion, the property will feature 254 (70%) market rate units and 109 (30%) affordable units. The unit mix will comprise studio, one-, two- and three-bedroom floorplans averaging 770 square feet. The amenity offering will include a fitness center, two-bay golf simulator and lounge, basketball court, resident lounge, co-working space and a rooftop terrace. The building will feature an embedded touchless SALTO ecosystem and its own owner-provided commercial-grade Wi-Fi network throughout the building.
Situated at the intersection of Court Square and Queens Plaza, 26-32 Jackson Ave. neighbors burgeoning dining and retail along the Jackson Avenue retail corridor. The project is within walking distance of the Queens Plaza, Queensboro Plaza, Court Square and Court Square-23rd Street subway stations, providing direct access into Manhattan, as well as the outer boroughs. Nearby greenspaces include MoMa PS1, Gantry State Park, Sven Park and Queensbridge Park. Additionally, residents will benefit from the 11.7 million square feet of office space within the Long Island City market.
JLL’s Capital Markets Debt Advisory team was led by Senior Managing Director Christopher Peck and Director Alex Staikos. Senior Managing Director Rob Hinckley, Senior Director Steven Rutman and Director Nicco Lupo led JLL’s Capital Markets Equity Advisory team.
“We are thrilled to work with these experienced New York City real estate developers to bring much-needed mixed-income housing to one of the city’s most popular neighborhoods,” said Rutman.
“With the backing of strong capital partners, 26-32 Jackson Ave. promises to be a dynamic new addition to a neighborhood that has become one of the most popular in the city thanks to its diverse retail, recreation and living options and easy commute to Manhattan,” added Lupo.
JLL’s Capital Markets group 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.
