JLL Capital Markets arranged the acquisition loan for Internacional purchase of Alexan on Ross

DALLAS, Sept. 22, 2021 – JLL Capital Markets announced today that it has arranged an acquisition loan for Alexan on Ross, a 292-unit, luxury, mid-rise, Class A+ multi-housing community in the growing Ross Corridor Dallas, Texas.

JLL worked on behalf of the borrower, Internacional, to place the 10-year fixed-rate loan with a Northwestern Mutual. 

Alexan on Ross was completed in 2018 and is a highly amenitized property that includes a fitness center with strength training and cardio equipment, resort-style pool with cabanas, resident lounges and outdoor skyline terrace. The mix of studio and one- and two-bedroom units average 877 feet, which is the largest average unit side in the Ross Corridor. Units also feature stainless steel appliances; 10-foot ceilings; granite or quartz countertops; USB outlets; wireless built-in speakers; cabinetry with undermount lighting; full size washers and dryers; luxury spa shower and tub combinations; custom closets; and plank flooring. 

The property is located at 4001 Ross Ave. in Dallas’ Ross Corridor, which is a trendy and rapidly transforming urban neighborhood minutes from both Downtown and Uptown Dallas. With a Walk Score® of 82, the “very walkable” area is surrounded by galleries, restaurants and bars and entertainment options. This high barriers-to-entry market has a limited supply of multi-housing properties and houses an affluent renter-by-choice demographic. 

The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Director Mark Brandenburg and Associate Chad Russell. 

JLL Capital Markets completed the sale of Sedona Ridge in the Ahwatukee Foothills

PHOENIX, Sept. 10, 2021 – JLL Capital Markets announced today that it has closed the sale of Sedona Ridge, a 250-unit, garden-style multi-housing community in Phoenix, Arizona. 

JLL marketed the property on behalf of the owner, Sares Regis Multifamily Funds. An undisclosed buyer acquired the property.

Sedona Ridge comprises one-, two- and three-bedroom units averaging 941 square feet. Apartments feature spacious floor plans, a full-size washer and dryer and private balcony or patio. Select units also feature bay windows, nine-foot or vaulted ceilings and fireplaces. The community has two swimming pools and spas, a newly renovated fitness center, sand volleyball court, detached garages, dog park, package locker system, outdoor picnic area and a clubhouse.

Located at 5010 East Cheyenne Dr., Sedona Ridge is in the Ahwatukee Foothills, which is the southernmost village in the city of Phoenix. Nestled on the southside of South Mountain Park, Ahwatukee is one of the most desirable communities in the Valley with strong demographics, access to major employment corridors, great schools and lifestyle amenities. 

The JLL Capital Markets Investment Sales Advisory team that represented the seller was led by Director Mike Higgins and Managing Directors John Cunningham and Charles Steele. 

JLL Capital Markets closed the sale of TownCenter Park in Wilsonville to RISE Properties Trust

PORTLAND, Sept. 10, 2021 – JLL Capital Markets announced today that it has closed the $30 million sale of TownCenter Park, a 111-unit, 1990-built, garden-style multi-housing community in Wilsonville, Oregon.

JLL marketed the property on behalf of the seller, Curtis Capital Group, and completed the sale to RISE Properties Trust.

TownCenter Park comprises one-, two- and three-bedroom units ranging from 802 to 1,350 square feet. The seller completed significant exterior improvements during their five-year ownership including new siding, roofs and windows, in addition to interior renovations to 40 units, which include upgraded vinyl plank flooring and carpet, stainless steel appliances, laminate countertops, white shaker cabinetry and hardware, upgraded lighting, new decks and two-inch faux wood blinds.

The property is located at 29250 Southwest Parkway Ct. in Wilsonville, a suburban neighborhood along the banks of the Willamette River. TownCenter Park is situated along Interstate 5, offering a 30-minute commute to both Salem and downtown Portland, the state’s two largest economic hubs with over 350,000 jobs combined. Additionally, the community is 1.5 miles from the WES Commuter light rail station, which runs north along Interstate 5, connecting Wilsonville with other public transit lines such as MAX light rail in Beaverton. 

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.

“The combination of a proven value-add program, lack of new multi-housing development within Wilsonville and the extensive capital improvements completed by the seller make TownCenter Park a strong addition to RISE Properties Trust’s portfolio,” Kahn said. “Our team was thrilled to represent Curtis Capital Group on this transaction, which was one of the first value-add opportunities marketed in the Portland MSA in early 2021.” 

JLL Capital Markets arranged the $36 million loan for the three adjacent residential properties

NEW YORK, September 10, 2021 - JLL Capital Markets announced today it has arranged $36 million in financing for the acquisition of three rental residential properties with a total of 71 units at 50-58 East Third St. in Manhattan’s East Village neighborhood.

JLL worked on behalf of the borrower, GAIA Real Estate, to originate the floating-rate loan through Bank of America. 

The property primarily consists of two- and three-bedroom apartments and offers a limited number of larger layouts. The buildings were substantially renovated in 2013 and are currently 98.6% occupied. All units feature high-quality finishes, stainless steel appliances, Caesarstone quartz countertops, subway tile bathrooms and waterfall sinks. The property also includes a virtual doorman system, key fob entry and 24/7 video surveillance.

The three-property residential portfolio is located on the south side of East 3rd Street between First and Second avenues in Manhattan’s East Village neighborhood. The property is conveniently situated less than three blocks from the F train at Second Avenue and is within a five-minute walk from the 6 train at Bleecker Street and A, B, D, F, M lines at the Broadway-Lafayette subway station.

The JLL Capital Markets team representing the borrower was led by Managing Director Scott Aiese and Director Alex Staikos.

“GAIA identified an ideal off-market investment opportunity in one of New York City’s most dynamic neighborhoods,” said Aiese. “This portfolio is very well positioned for long-term capital appreciation.” 

JLL Capital Markets arranged the refinancing for Canopy Place

MIAMI, Sept. 7, 2021 – JLL Capital Markets announced today that it has arranged a $16 million refinancing for Canopy Place, a 150-unit, townhome-style multi-housing community in Jacksonville, Florida. 

JLL worked on behalf of the borrower, Beachwold Residential LLC, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Canopy Place consists exclusively of three-bedroom townhomes that feature private patios, extra storage, walk-in closets and a full suite of upgraded appliances. The community offers a swimming pool, clubhouse and children’s play area. Beachwold has implemented a renovation project that included exterior painting, interior flooring replacements and roof, air conditioning and foundation repairs. 

Located at 11050 Harts Rd., Canopy Place is near Interstates 95 and 295, providing easy access to the area’s amenities. Additionally, residents have access to public transportation close to the property. Nearby amenities include Regal Cinemas 14, River City Market Place, Highlands Shopping Center, UF Health North, Ray Greene Park and a variety of local and national restaurants and retail.

The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Directors Elliott Throne, Mona Carlton and C.W. Early, Vice President David Lott and Associate Kenny Cutler.

“This financing produced a substantial cash-out at an extremely attractive floating rate, all while allowing for prepayment flexibility,” said Throne. “This loan structure is one of the many benefits of Freddie Mac financing and allowed the borrower to be rewarded for their continued success since acquiring the asset.”

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

Quinn joins the Orlando office with Weaver working in Tampa; both will oversee their respective office’s debt and equity platform 

CHICAGO – Aug. 21, 2021 – JLL Capital Markets announced today that it has hired Melissa Marcolini Quinn and Lee Weaver as Senior Managing Directors to oversee their respective office’s debt and equity platform. In their new roles, Quinn will co-lead the Orlando capital markets office alongside Senior Managing Director Brad Peterson, and Weaver will join Senior Managing Director Matt Mitchell as the Tampa capital markets office co-lead. 

Quinn has more than 17 years of experience specializing in the origination of debt, joint venture equity and structured finance and most recently led an Orlando capital markets office for a commercial services firm. As a specialist in multi-housing – both market-rate and affordable housing – she has been a top Freddie Mac and Fannie Mae producer. Quinn, who earned a BSBA degree in finance from the University of Central Florida in Orlando, has been honored as one of Commercial Property Executive’s Stars to Watch and Globe St. Real Estate Forum’s Women of Influence. Additionally, she has served on State Farm Life Insurance Company’s advisory council; is an active member of the UCF Real Estate Council, Mortgage Bankers Association, the National Multifamily Housing Council (NMHC) and CREW Orlando.

“I am excited to join JLL and look forward to growing our debt placement platform,” Quinn said. “JLL’s reputation as a leader in originations, coupled with the top-notch team already in place, helped cement the decision that JLL is the right place for me. Additionally, as a woman in senior leadership, helping young women navigate this industry and making it more inclusive is top goal of mine, and I’m encouraged that JLL has made this a priority.”

With more than 24 years of commercial real estate industry experience, Weaver led the Tampa capital markets office for a commercial services firm, where he was recognized as being in the top 10 percent of producers nationwide. Throughout the course of his 24-year career, he has originated commercial real estate loans from $3 million to $200 million, working with lending sources that include life insurance companies, pension funds, Fannie Mae, Freddie Mac and FHA. He also has a strong track record arranging joint venture equity and preferred equity financing with a focus on student housing. Weaver is a past recipient of Student Housing Business’ Most Creative Financing Innovator Award and is active in industry organizations, including NMHC, the National Apartment Association, the Bay Area Apartment Association, the Real Estate Investment Council and the Mortgage Bankers Association of America. He is also involved in various charitable and community organizations such as St. Joseph’s Hospital, Joshua House and the International Justice Mission.

“JLL’s executive leadership, debt and equity platform, reputation in the real estate industry and ability to reach and service a wide variety of clients made it impossible to turn down this opportunity,” Weaver added. “I look forward to working alongside the best in the business.”

“We are very excited for Melissa to join our growing team in Orlando to help further build and lead our debt and structured finance practice,” Peterson said. “She has an established track record of successfully leading a capital markets office and is a respected thought leader in the industry. Her hard-working and client-focused approach is a perfect fit for our team and culture.” 

Together the team of Quinn and Weaver have worked on and originated billions of debt and equity investments across the country.  

“Lee and Melissa bring tremendous experience and expertise in the real estate debt markets, which will allow us to add significant value for our clients,” Mitchell said. “They are some of the most knowledgeable practitioners in their space that I have met, and we thrilled to have them on the team.”  

Joining Quinn in Orlando is Rob Rothaug. As Vice President, Production Support in the Orlando office, Rothaug, who has 14 years of industry experience, will serve as a senior analyst with responsibilities that include debt and equity underwriting, analytical modeling and deal execution. He has underwritten and closed institutional debt, equity and structured finance transactions and has an extensive depth of knowledge of Freddie Mac and Fannie Mae lending programs. In addition to multi-housing financing, he has a broad base of experience financing industrial, office, retail, hospitality and specialty asset classes. 

Emily Moallem and Cody Mizelle are joining Weaver as Associates, Production Support in the Tampa office. Moallem, who has more than seven years of industry experience, and Mizelle, who has worked in the industry for six years, will both assist Weaver and Quinn with the origination and closing of debt and equity capital. They each have a wide-ranging understanding of financing multi-housing, senior housing, student housing and affordable housing assets.