MORRISTOWN – JLL Capital Markets announced today that it has arranged $11 million in permanent financing for Rahway Plaza Apartments, a two-building, 288-unit high-rise apartment community located in downtown Rahway, New Jersey.

JLL represented the borrower, Denholtz Properties, to secure the five-year, fixed-rate loan through Malvern Bank, National Association.

The two-building Rahway Plaza Apartments offers one-, two- and three-bedroom residences with large terraces, all-inclusive appliances, independently controlled gas heat and air conditioning and high-speed internet access. Community amenities include a champion-size swimming pool and children’s wading pool, a BBQ area with grills and picnic tables and a newly renovated playground and recreation area.

Situated at 1171-1181 Main St. in the heart of downtown Rahway, the property is within walking distance to the city’s entertainment venue, retail shops and restaurants and The Rahway Train Station, which offers a 36-minute commute to New York Penn Station. Within a 15-minute drive are several retail centers, such as Aviation Plaza, Clark Commons, Menlo Park Mall and Woodbridge Center.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Michael Klein and Jon Mikula, and Analyst Salvatore Buzzerio. Malvern Bank was led by Bill Boylan, Executive Vice President and Chief Lending Officer, along with several members of the Executive Team to coordinate the approval and closing.

“Malvern Bank, National Association was attracted to Denholtz’s history with the property having developed it in 1970 and owning and managing it ever since,” said Klein. “The affordable units at the property added some complexity to the transaction that the bank easily got their arms around and was a pleasure to work with on this 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 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. 6 2022 – JLL Capital Markets announced today that it has closed the sale of Independence Crossing, a 124-unit, boutique, value-add multi-housing community located in the Dallas, Texas suburb of Plano.

JLL represented the seller. Langdon Street Capital acquired the asset.

Built in 1999, the two-story Independence Crossing offers one- and two-bedroom units averaging 942 square feet. Select units feature stainless steel appliances, contemporary wood-style flooring and fireplaces. Community amenities include a resort-style swimming pool, a fully equipped fitness center, a modern clubhouse, a resident lounge, an executive business center, private yards, a dog park and detached garages.

Situated at 6501 Independence Pkwy, Independence Crossing offers residents convenient connectivity to the Dallas area’s major thoroughfares, including US-75, Dallas North Tollway and SH-121. The property sits just five miles from the largest employment centers in North Dallas, CityLine and Legacy Business Park, and is within proximity to top retail and entertainment destinations, including The Shops at Legacy and Stonebriar Centre. Additionally, the community is adjacent to the Bluebonnet Trail and is near several parks and greenbelts.

The JLL Capital Markets team was led by Senior Managing Directors Rob Key and Roberto Casas and Managing Director Greg Toro and Senior Director David Austin.

"We are excited to expand our portfolio in Texas,” said Matt Steinberg, Director of Acquisitions with Langdon Street Capital. “We have now acquired a little less than 1,000 apartments in under 3 years. We hope to continue to buy more multifamily, in Dallas and Austin, despite the economic uncertainty."

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 today that it has closed the $99.5 million financing of The Elle, a 496-unit, trophy, high-rise multi-housing community in the South Loop submarket of Chicago, Illinois.

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

Constructed in 2018 and spanning 34 stories, The Elle features luxurious studio, one-, two- and three-bedroom units with an average size of 791 square feet with expansive nine-foot ceilings, private balconies, full-size washers and dryers, spacious custom built-in closets, floor-to-ceiling windows, elegant quartz countertops and stainless steel appliances. Best-in-class amenities include a resort-inspired pool, an outdoor rooftop deck, a modern co-working hub, a private terrace with fire pits and grilling stations, bicycle storage, an expansive outdoor lawn, an entertainment room with bowling alleys and billiards and more. The property also features 1,727 square feet of ground floor retail and an attached, four-story parking garage.

With its prime location at 801 S. Financial Place near Chicago’s famous Lake Michigan lakefront, residents of The Elle have access to multiple attractions, including beaches, the 18+ mile lakefront trail, Burnham Harbor & Northerly Island, Millennium Park and Grant Park, The Art Institute of Chicago, Maggie Daley Park, Soldier Field and Chicago’s world-famous ‘Museum Campus’. The community is also proximate to over 60 million square feet of office space.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Danny Kaufman, Managing Director Trent Niederberger, Director Lucas Borges and Associate Mike Halbach.

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.

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 – JLL Capital Markets announced today that it has arranged the $57.5M financing of EVO, a 220-unit, newly built, luxury multi-housing property located in downtown Englewood, New Jersey.

JLL represented the sponsorship, a joint venture between Claremont Development, Cypress Equity Investments and Battery Global Advisors, to secure the eight-year, fixed-rate loan through The Guardian Life Insurance Group of America.

EVO features spacious studio, one- and two-bedroom residences with ceilings reaching nine feet, chef-inspired kitchens with stone countertops, tiled backsplashes, stainless-steel appliances, plank flooring, oversized windows, walk-in closets, washers and dryers and private outdoor space in select homes. Community amenities include a resident lounge, co-working lounge, fitness center, yoga studio, outdoor swimming pool, outdoor bar and barbecue lounge seating, club room, fire pits and a pet spa.

The community is located at 40 Bennett Rd. within the inner ring of the New York Metropolitan area, offering exceptional highway access to New York City, as well as New Jersey’s most traveled commuter thoroughfares. Situated on the westbound side of Route 4, EVO provides direct connections to the George Washington Bridge, I-80, Route 17 and the Garden State Parkway in just five minutes. The entrance to the New Jersey Turnpike (I-95) is located just over one mile from the property, and the Palisades Interstate Parkway and Interstate 80 are within five minutes of the property. In addition to the excellent highway accessibility, EVO is also set in a walkable location in downtown Englewood’s restaurants and parks.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Klein and Jon Mikula, Associate Gerard Quinn and Analyst Benjamin Morgenthal.

“JLL is pleased to have secured financing for EVO as the project evolved, starting with the construction loan we placed on the property in 2019 and now coming full circle to secure permanent financing as the property stabilizes,” said Klein.

“EVO has been a tremendous success and addition to downtown Englewood,” added Mikula.  “Guardian was able to quickly understand nuances of the project and lock down this transaction in a fast-moving capital markets environment.”

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.

SAN FRANCISCO, Oct. 20, 2022 – JLL Capital Markets announced today that it has arranged the $69 million construction financing for Centro Callan, a brand-new, luxury mixed-use apartment complex located in the heart of San Leandro. This new development will offer 196 multi-housing apartments in a five-story building that will also include 31,000 square feet of ground floor retail anchored by Sprouts Farmers Market.

JLL represented The Martin Group, Sansome Pacific Properties and STARS REI to secure the floating-rate construction loan through Principal Real Estate.

Centro Callan will consist of a mix of studio, one-, two- and three-bedroom units, all outfitted with quartz countertops, backsplash, stainless steel appliances, full-size washers and dryers, wide plank flooring, kitchen islands, smart access control and oversized patios and balconies in select units. The building amenities include 20,000 square feet of open space along with a dog park, dog wash station, chef’s entertaining kitchen, clubroom with televisions, indoor phone booths and conference rooms, outdoor work pods, outdoor barbeques and televisions, outdoor game area and a secret garden.

The JLL Capital Markets team was led by Brandon Roth, Spencer Bergthold and Elijah Lax.

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.