SAN DIEGO - JLL Capital Markets announced today that it has closed the $13.1 million acquisition financing for The Independent, a Class A, 61-unit multi-housing asset located in Sand City, California within Monterey County.

JLL marketed the property on behalf of the borrower, Diversyfund, to secure a fixed-rate loan through a life insurance company.

Built in 2008 and renovated in 2014, The Independent offers a mix of modern studios, one-bedroom and two-bedroom units with stainless steel appliances, granite countertops and modern cabinetry. Community amenities include a courtyard, carports and garage parking.  Further upside from the property comes from the 11,000 square feet of vacant commercial space and the opportunity to develop additional units on the underutilized, excess land included with the purchase.

Situated at 600 Ortiz Ave., the property is walking distance to Monterey State Beach and less than ten miles away from the famous Pebble Beach Golf Courses and Monterey Bay Aquarium. Sand City is set on the shores of Monterey Bay, offering a high quality of life with proximate boutiques, fine dining, art galleries, shops and cafes.

“The Independent represents a unique investment opportunity to purchase a great asset in a supply-constrained coastal California market below replacement cost. Real estate is truly a team sport, and we couldn’t have asked for better partners than JLL and Eagle Realty Group on this acquisition,” said Isaac Dixon, Senior Vice President, Real Estate at DiversyFund.

The JLL Capital Markets Debt Advisory team was led by Managing Director Bryan Clark and Associate Brad Vansant.

NEW JERSEY, Jan. 5, 2023 – JLL Capital Markets announced today that it has arranged the $88.6 million construction financing and the $38 million equity placement for Canterly Place, a 300-unit, to-be-built, Class A apartment building located in Livingston, Essex County, New Jersey.

JLL represented the sponsor, Okner Developers, LLC, to secure the 10-year, fixed-rate construction loan through Northwestern Mutual. JLL also arranged the joint venture equity with Northwestern Mutual.

Canterly Place will feature 240 market-rate units and 60 affordable-rate units. The units will feature

superbly designed one-, two- and three-bedroom floorplans with designer kitchens, hardwood-style flooring, oversized windows, walk-in closets, in-unit full-size washers and dryers. Community amenities will include a hotel-style lobby, an upscale clubroom, a library lounge, a private dining, a game room, a state-of-the-art fitness center, a co-working work from home lounge, a golf simulator, a resort-style pool, a paved walking path/fitness trail, a basketball court, a pickleball court and more.

Situated on Okner Parkway, Canterly Place is located just off Route 10, less than one mile west of Eisenhower Parkway, providing easy access to nearby I-280, I-287 and Route 24. Livingston is an easy commute to the region’s major employment hubs in the surrounding area and just 10 miles away from Manhattan. Local retail amenities include numerous stores and shopping centers along the Route 10 Retail Corridor located just south of property.

The JLL Capital Markets Team was led by Jon Mikula, Jim Cadranell, Matthew Pizzolato and Michael Lachs.

“JLL is pleased to announce the successful capitalization of this exceptional project,” said Cadranell.  “Northwestern Mutual recognized the outstanding investment characteristics of this development which outweighed the current disruption in the capital markets. Canterly Place will be a first-class property that will enhance the quality of life of its residents and the surrounding community.”

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.

CHICAGO – JLL Capital Markets announced that it has closed the sale of CEV Ruston, a 120-unit / 432-bed student-housing community primarily serving the 11,000 students at Louisiana Tech University in Ruston, Louisiana.

JLL represented the seller, Timberline Real Estate Ventures, and Briar Meads Capital acquired the asset.

Constructed in 2008, CEV Ruston features fully furnished two- and four-bedroom units with in-unit washers and dryers, high-speed internet, private bedrooms and desks and an average size of 1,349 square feet. The units present an opportunity for value-add upgrades. The property also offers an all-inclusive amenity package that includes a fitness center, group and private study rooms, a fully equipped computer center and a beautiful outdoor swimming pool and deck.

Situated at 1812 W. Alabama Ave., CEV Ruston is immediately adjacent to campus and the Joe Ailet Stadium and within a 10-minute walk to most academic buildings. The community also attracts students from the nearby Grambling State University, which has gained national recognition as graduating the highest number of diverse students in STEM programs.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Directors Scott Clifton, Stewart Hayes and Teddy Leatherman, Associate Kevin Kazlow and Analyst Jack Goldberger.

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.

MORRISTOWN, Jan. 4, 2023 – JLL Capital Markets announced today that it has closed the $20 million construction financing for 397 Millburn Ave., a 53-unit, three-story, luxury apartment development in Millburn, New Jersey.

JLL worked on behalf of the borrower, Eagle Cliff Real Estate Partners and MRY Associates, to secure the three-year, floating-rate loan through Provident Bank.

With an anticipated completion early 2024, the property will be developed to LEED standards, contain an underbuilding parking garage for residents and offer unique unit layouts, some with private outdoor balconies and some with direct external stoop entrances.  In addition, the one- and two-bedroom units will feature stainless steel appliances, quartz countertops, chef-inspired kitchens, in-unit washers and dryers, walk-in closets and nine-foot ceilings. Community amenities will include hospitality-inspired common areas, a spacious clubroom with wet bar, a luxurious private event room, a state-of-the-art fitness center and an outdoor courtyard.

Ideally situated in the heart of Millburn Township, 397 Millburn Ave. will offer residents access to downtown’s diverse restaurants, fine wine shops, art galleries, beauty salons, clothing stores, pharmacies and more. The property is proximate to Taylor Park, a 13-acre community park offering residents outdoor space and recreational activities, and just a 10-minute drive to The Mall at Short Hills. The community also will provide convenient options for commuters with NJ Transit’s Millburn train station just .5 miles away, allowing travel to New York Penn Station in 45 minutes and easy access to Interstate 78 and the Garden State Parkway.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jon Mikula and Analyst Salvatore Buzzerio.

“Transit-oriented communities such as Millburn are in need of new, high-end multi-housing options,” said Mikula.  “Eagle Cliff and MRY will be providing an amazing project that will help transform downtown Millburn.”

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.

DALLAS – JLL Capital Markets announced today that it has secured joint venture equity for the development of Four Corners, a 404-bed / 136-unit student housing development adjacent to the University of Cincinnati.

JLL represented premier national developer, Dallas-based Fountain Residential Partners, in procuring joint venture equity from global investment manager L&B Realty Advisors on behalf of its client.

Upon completion in 2024, the three-building, four-story project will provide an upscale living experience with excellent proximity to the flagship University. Each unit will feature queen-sized pillow-top mattresses, walk-in closets, 60-inch HD flat screen TVs and high-speed internet.

Four Corners will sit on Central Parkway, a major North/South thoroughfare that will provide excellent visibility and frontage to the community as well as direct access to the entire city of Cincinnati. The project is adjacent to the southwest border of the University, home of the school of pharmacy, biology and research departments. Additionally, residents will be within minutes of all of the Universities offerings, including the College of Arts and Sciences, the Carl H. Lindner College of Business and Nippert Stadium.

The JLL Capital Markets Advisory team featured Senior Managing Director Jeremy Sain, Managing Director Teddy Leatherman and Analysts Ryan Pollack and Danielle Rice.

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.

DALLAS, Dec. 12, 2022 – JLL Capital Markets announced today that it has closed the sale of 11th Street Flats, a 134-bed / 45-unit student housing community adjacent to Baylor University in Waco, Texas.

JLL represented the seller, Newsome Development and Investments. Waterway Family Funds acquired the asset. This transaction marks the first student housing acquisition for Waterway Family Funds since Jeremy Pemberton, formerly with Waypoint Residential, joined the company in 2022.

Constructed in 2015, 11th Street Flats features two-, three- and four-bedroom units with nine-foot ceilings, granite countertops, private bathrooms for each bedroom, fully furnished living rooms, flat screen televisions and full-size washers and dryers. Community amenities include a fitness center, off-street parking, a study lounge, a campus view deck, and bike racks. The property is 100% leased by Baylor University through the Fall of 2024.

Situated at 1722 S 11th St., the community is located between I-35, La Salle Avenue and the south side of the university, which serves as the most attractive area for students at Baylor University while also being along the bus route. The property is approximately 0.3 miles from the university, 1.9 miles from the McLane Football Stadium and 1.8 miles to the popular bars and restaurants of downtown Waco.

The University benefits from its positioning between the economically productive cities of Dallas, Houston and Austin and the significant population increase across the state of Texas.

The JLL Capital Markets team was led by Senior Directors Teddy Leatherman, Stewart Hayes and Scott Clifton.

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.