MORRISTOWN, NJ, Jan. 26, 2022 – JLL Capital Markets announced that it has arranged a $23.2 million refinancing for Elm Estates, a 197-unit multi-housing community located near Albany in Selkirk, New York.

JLL worked on behalf of the borrower, Tower Management Service, LP, to secure the 10-year, fixed-rate, non-recourse loan through Freddie Mac Multifamily. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

Built in 1978, Elm Estates offers spacious two- and three-bedroom townhomes and duplexes. The units feature central air conditioning, private entrances and garages, large kitchens with full-size appliances, in-unit washers and dryers and walk-in closets. The property has been well maintained by ownership, who has renovated approximately 70% of units since 2017.

Situated at 122-A Fairlawn Dr., the property is located in the town of Bethlehem, a hamlet of Selkirk. Bethlehem is located just south of the city of Albany, providing residents of Elm Estates access to the capital city of New York State in under 15 minutes. 

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Thomas Didio, Senior Director Thomas E Didio, Jr. and Associate Gerard Quinn.

“Tower Management has done an excellent job operating and upgrading Elm Estates since the asset was acquired in 2008,” said Didio, Jr. “JLL is very pleased to secure a long-term, fixed-rate refinance with Freddie Mac on behalf of the borrower.”

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.” 

ORLANDO, Jan. 25, 2022 – JLL Capital Markets announced today that it has closed the $6.25 million sale of the Fairwinds Credit Union Baldwin Park, a multi-housing development site in Orlando, Florida.

JLL worked on behalf of the buyer, Gables Residential. Fairwinds Credit Union sold the asset.

Known as Fairwinds Credit Union Baldwin Park, the development site will be transformed into a five-story multi-housing community consisting of 230 apartment homes, a parking garage, amenities, and a leasing office.

Spanning over 2 two acres, the property is located at 1801 Prospect Ave. and just 4 miles from Orlando’s Central Business District. The greater Orlando area remains one of the fastest-growing metro areas in the nation, gaining nearly 61,000 new residents in 2020 and expecting 2.9 million residents by 2025. This growth has created substantial investment and development opportunities across Orlando specifically within the multi-housing market.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Jay Ballard and Ken DelVillar.

Gables Residential’s Florida team, led by Regional VP, Micah Cohn and Development Associate, Scott Clark, had been searching for “build-to-core” development opportunities in Central Florida.

“After identifying targets submarkets within Central Florida, we set out to find a site to meet their investment criteria,” Ballard said. “We identified a former bank site within Baldwin Park, and, through some understanding of the overall Baldwin Park PUD, knew that there were unused ‘entitlements’ that could be acquired and combined with a rezoning of the former bank property. It was a competitive bid, and Gables was able to provide the seller with a certainty of close, which, ultimately, resulted in Gables being awarded the deal.”

MINNEAPOLIS, Jan. 24, 2022 – JLL Capital Markets announced today that it has closed the $19 million sale of Woodrow Apartments, a 97-unit apartment complex located in Fargo, North Dakota.

JLL marketed the property on behalf of local Fargo-based seller, Kilbourne Group. Graystoke Capital Partners, based out of Boise, Idaho, acquired the asset.

The Woodrow Apartments blends a stunning renovation of the 100-year-old, historic Woodrow Wilson School into 34 units, with a new addition, featuring 63 Class-A apartments that was completed in 2017. This adaptive re-use project features best-in-class amenities such as a multi-purpose gym (the school’s own original gym), heated underground parking, a community lounge and game room and outdoor patio with a pergola, fire pit and gas grills. The apartments feature units with central air-conditioning, an in-unit washer and dryer, quartz countertops and walk-in closets.

Situated at 1222 4th Ave. N., the property is located within downtown Fargo, which offers residents access to over 300 unique retail stores, two million square feet of office space and over eight breweries in the immediate area. Both Broadway and Roberts Alley provide walkable dining options near the community. Additionally, the complex is in close proximity to North Dakota State University, Sanford Health and Hector International Airport.

“When Kilbourne Group set out to redevelop the century-old schoolhouse in downtown Fargo, we truly wanted to honor the building and its history,” said Kilbourne Group President Mike Allmendinger. “We knew a building with such a strong history would most certainly have a bright future in this emerging neighborhood. We are grateful to the City of Fargo’s efforts to promote core neighborhood infill and historic renovation projects through economic development policies which make them viable. Without them, this project would not have happened.”

The JLL Capital Markets Sales and Advisory team representing the seller was led by Senior Director Adam Haydon and Managing Directors Mox Gunderson, Dan Linnell and Josh Talberg.

“Woodrow Apartments received multiple offers from groups located across the country, ultimately trading for a new price per unit record for an apartment project in the Fargo MSA. We are seeing groups from major markets like San Francisco, New York and Los Angeles bidding very aggressively on apartment assets in secondary and tertiary markets in the Midwest as they look for market stability and yield arbitrage,” said Haydon. “Downtown Fargo is going through an amazing development cycle, energized by the recently completed RDO Building. The buyer is purchasing a true Class-A asset in a high-growth market with proven upside potential.”

 

CHICAGO, Jan. 13, 2022 – JLL Capital Markets announced that it has arranged $73.5 million in agency financing for the acquisition of City View at the Highlands, a 403-unit, value-add, mid-rise apartment building located in the Chicago suburb of Lombard, Illinois.

JLL represented the borrower, Torchlight Investors, LLC to secure the 10-year, floating-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. The Hayman Company will provide leasing and property management services.

The seven-story City View at the Highlands features units with quartz countertops, stainless steel appliances, wide plank flooring, nine-foot ceilings, full-size washers and dryers, patios or balconies and an average size of 902 square feet. The amenities within the community include a swimming pool and sundeck, outdoor grilling area, two outdoor lounge spaces with fire pits, a 24-hour fitness center, a yoga studio, a community kitchen, a tech and business center and a conference room.

Located at 2720 S. Highland Avenue, the community is adjacent to Butterfield Road and two major expressways, I-88 and I-355, leading to both Chicago’s international airports, the Chicago CBD, the surrounding suburbs and top employment options. The suburban location provides walkability to Yorktown Center and proximity to numerous retail options at Oakbrook Center. Situated in DuPage County, the property offers access to several college campuses, as well as top healthcare options such as Northwestern Medicine Central DuPage, Advocate Good Samaritan and Edward Hospital.

The JLL Capital Markets team representing the borrower was led by Senior Director Jimmy Conley and Analyst Carter Wroblewski.

MORRISTOWN, N.J., Jan. 11, 2022– JLL Capital Markets announced today that it has arranged $12.5 million in acquisition financing for 380 Communipaw, a 40-unit luxury apartment community currently under construction within a Qualified Opportunity Zone in Jersey City’s rapidly expanding Bergen-Lafayette neighborhood.

JLL worked on behalf of the borrower, Golden Glades Capital Management, to secure a two-year, floating-rate acquisition bridge loan through Sound Point Commercial Real Estate Finance, a unit of Sound Point Capital Management, LP.

The five-story building will consist of 29,940 square feet of residential space and 3,100 square feet of ground-floor commercial space. Averaging 749 square feet, the residential units will be a diverse mix of studios, one-bedroom and two-bedroom units that cater to young, working professionals. Additionally, the property will offer common-area outdoor and rooftop space.

Located at 380 Communipaw Ave. in the Bergen-Lafayette neighborhood, the site is just west of Jersey City’s Paulus Hook and Exchange Place neighborhoods. The location offers several outdoor spaces, including Liberty State Park, Lafayette Park and Berry Lane Park, along with proximity to Manhattan. The property is also proximate to dining and nightlife in downtown Jersey City, retail options at Newport Mall, Jersey City Medical Center, the Liberty Science Center and SciTech City.

The JLL Capital Markets Debt Placement team representing the borrower was led by Matthew Pizzolato, Thomas E. Didio, Jr. and Salvatore Buzzerio.

“We were thrilled to continue our relationship with Golden Glades Capital Management and help them expand their portfolio in the Bergen-Lafayette neighborhood,” Pizzolato said. “Sound Point stepped up and offered an attractive floating-rate bridge loan that will allow our client to complete construction and stabilize this Class A multifamily asset.”   

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.

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