JLL Capital Markets announced today that it arranged permanent financing for Centurion Union, a newly constructed 80-unit luxury apartment building located at 975 Bonnel Court in the vibrant Union Center neighborhood of Union, New Jersey. 

JLL worked on behalf of the borrower, American Landmark Development (“ALD”), to secure the long-term, fixed-rate loan through Provident Bank. ALD, the designated redeveloper for the Union Center redevelopment project, completed construction on the first phase of the multi-phased Centurion Union project in February of 2020. The building immediately received tremendous interest from a diverse group of potential renters and resulted in a swift lease-up period that allowed the borrower to take out its construction loan ahead of schedule.

The apartments feature spacious floorplans with nine-foot ceiling heights, wide wood-style plank flooring, vented in-home washer and dryers by GE, kitchens with full-size slate GE appliances, gas range stoves, island/peninsula work spaces and quartz countertops while baths are equipped with glass-enclosed showers, porcelain tile and chrome fixtures. Residents have access to various building amenities, including a fitness center, game room, resident lounge, flexible co-working space, children’s playroom, dog run and onsite parking. The property is located in the heart of downtown Union, just steps from an abundance of shops, restaurants and entertainment that line the Stuyvesant Avenue corridor. 

“Centurion Union ushers in a new era for Union Center, where municipal efforts to create a vibrant new lifestyle experience along Stuyvesant Avenue have taken root,” said Manuel A. Fernandez, founder of ALD. “As the first new residential building delivered in Union’s reimagined downtown in over three decades, Centurion Union delivers a modern residential opportunity to this flourishing and close-knit neighborhood, while placing residents just steps away from a diverse offering of dining, retail and conveniences.” 

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Associate Max Custer.

“We are thrilled to aid American Landmark Development in securing long term fixed rate financing for Centurion Union, which will allow the company to continue with its strategic growth plan,” said Custer.  “The Project’s rapid lease-up, particularly during the peak months of the COVID-19 pandemic is a testament to the building’s excellent location, quality finishes and the borrower’s hands on management team.” 

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

JLL Capital Markets announced today that it arranged $59.95 million in construction financing for the Union on Broadway student housing and retail development located at 476 E. Broadway St. in Eugene, Oregon, and a $86.17 million construction loan for the Lakeview student housing project at 4126 12th Ave. N.E. in Seattle, Washington. 

JLL worked on behalf of the owners of borrower Greystar and Star America to secure the two loans with Pacific Western Bank. JLL also represented Greystar to secure JV equity and instigate the partnership for both transactions with Star America.   

The Union on Broadway development will consist of 357 units, with 608 beds and averaging 561 square feet, with the full development about 338,130 square feet sitting on 1.1 acres. When complete, units will be fully furnished, contain private bedrooms and bathrooms, have in-unit washers and dryers and will include Internet. Community property amenities include a premium fitness center, study lounges on every floor, courtyards, conference rooms, activity and game rooms and an outdoor rooftop with a pool, firepits and grills. There will also be ground retail with outdoor seating.  

A major economic driver in the local community, the university is headed toward a $3 billion target in fundraising for its Phil and Penny Knight Campus for Accelerating Scientific Impact, allowing more funds for the program and faculty and administration recruitment, and has invested $250 million into student athletic facilities. 

Located 500 feet from the University of Washington, the Lakeview development will provide 226 (597 beds) studio, two-, three- and four-bedroom units for individual and double occupancy rooms, ranging from 390 to 1,147 square feet. The development will total 20,610 square feet and contain amenities such as study lounges, a premium indoor fitness center, enclosed bicycle room, outdoor deck with fitness equipment, library with study rooms, sky lounge with a media center and more. 

This development is complimentary of the university’s recent 2019 Campus Master Plan that promotes 6 million new gross square feet of development, identifying 86 potential nearby projects across the campus to fulfill the demand of student housing. 

A leader in the sector, JLL has closed over $12.6 billion in student housing transactions since 2011.

JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Charles Halladay, Managing Director Jordan Angel, Senior Director Chris Ross, Directors Teddy Leatherman and Stewart Hayes and Analyst Taylor Gimian. 

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

JLL Capital Markets arranges the sale and financing for the 171-unit multi-housing property to Trailbreak Partners 

DENVER, September 30, 2020 – JLL Capital Markets announced today that it has arranged the sale of and acquisition financing for Confluence at Three Springs, a 171-unit, garden-style, multi-housing community in Durango, Colorado. 

JLL marketed the property on behalf of the seller, GF Properties Group. Denver-based Trailbreak Partners purchased the asset. Additionally, JLL worked on behalf of the borrower to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. 

Confluence at Three Springs comprises seven three-story buildings that house a mix of one- and two-bedroom units that average 845 square feet. The property features direct trail access, a playground, barbeque grill, outdoor lounge, resident lounge, yoga studio and restaurant and bar. The community is situated on 5.95 acres at 150 Confluence Ave. in the master-planned Three Springs community, which was developed by the seller. Completed in 2016 and 2018, the property is one of just two residential projects of this scale completed in the Durango region in the last 15 years. 

The JLL Capital Markets Investment Advisory team representing the seller included Directors Mack Nelson and Christopher White. 

The JLL Capital Markets Debt Placement team representing the borrower was led by Director Rob Bova and Managing Director Josh Simon. 

“Our team was pleased to work on behalf of GF Properties to secure a buyer for Confluence at Three Springs in the dynamic Durango market,” White said. “The strong execution by Trailbreak is evidence of the quality product developed by GF Properties and the enviable success of the entire Three Springs development.”

JLL Capital Markets announced today that it has completed the $2 million property sale of 425 Quincy Street, a multi-housing development opportunity in the Dorchester neighborhood of Boston, Massachusetts. 

JLL represented the private seller to complete the property sale to Volnay Capital. The existing building will be renovated and re-leased, and the buyer will begin the permitting process for rental housing development. 

The 425 Quincy Street property sits on 0.46 acres, some of which is covered by a three-decker house, and the buyer will begin to permit for ground-up residential development. To remain aligned with the surrounding neighborhood, Volnay Capital will be proposing a three-story development with 27 units and surrounding the existing three-family. A portion of the sale price is subject to the approval of this development. 

“We are extremely excited about this opportunity to bring a beautiful three-family back to life while providing much needed workforce housing on an underutilized site,” said Ricky Beliveau, CEO Volnay Capital.

The JLL Capital Markets team representing the seller were Directors Mike Restivo, Kellie Coveney and Lenny Pierce. 

“Volnay Capital has had a lot of success in outer urban locations like this one and this marks their second acquisition in Dorchester,” said Pierce. “The property is positioned between the neighborhood’s two major thoroughfares, Dorchester Avenue and Columbia Road, and should draft well off the nearby, 500-unit Dot Block project. Dorchester is also home to other large-scale developments such as The Beat, South Bay Center and the Bayside Expo site – making the geography one of the hottest development nodes in the region.” 

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

JLL Capital Markets announced today that it has closed the refinancing for the Yardley Crossing apartments located at 1800 Kathy Dr. and the RiverQuick apartments located at 157 S. Delaware Ave. in Yardley, Pennsylvania.  

JLL worked on behalf of the borrower, an affiliate of Relative Properties, LLC, to secure the 10-year, fixed-rate conventional loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Yardley Crossing consists of one-, two- and three-bedroom apartments, totaling 196 units. The property offers a clubhouse, fitness center, outdoor lounge with a firepit and BBQs, pool area, sports court and a playground. In-unit amenities include gourmet kitchens with stainless steel appliances, granite countertops, hardwood floors, spacious closets, convenient access to a washer and dryer and patios and balconies.

The RiverQuick apartments, located adjacent to Yardley Crossing, consists of 39 units on 4.5 acres in eight buildings. RiverQuick offers one-bedroom single floor units as well as two-bedroom townhouse-style units with finished basements.

Yardley has a population of 2,200 and is touted as one of the “best places to live in Pennsylvania,” being positioned along the Delaware River and New Jersey border. Yardley also offers residents a suburban feel within close proximity to downtown Philadelphia and is filled with various shopping, dining and parks.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Ryan Ade, Managing Director Jamie Leachman and Vice President Travis Hess.

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom. 

JLL Capital Markets completes the $7.925M sale, which is a record land psf for the SoNo area

ATLANTA, September 1, 2020 – Drapac Capital Partners, Woodfield Development, and JLL Capital Markets are pleased to announce the $7.925 million sale of 505 Courtland Street in the burgeoning SoNo (south of North Avenue) area of Atlanta. Woodfield purchased the 1.085-acre site from Drapac with the intention of constructing a 284-unit residential high-rise project with 18,000 square feet of amenity space.  

Sebastian Drapac of Drapac Capital Partners commented, “SoNo is a natural extension of Midtown and is a no-brainer. It has all the ingredients and its own unique flavor, which is why there is so much development activity and demand from the big boys in this pocket. The organic push into SoNo and Downtown is also due to the serious shortage of sites in Midtown, and we need to remember that Atlanta’s rapid urbanization story is still in its infancy.”  

Woodfield’s Patrick Kassin will lead the development of the 505 Courtland project, with a ground-breaking expected in September. Woodfield intends to construct the 16-story building utilizing a Prescient light gauge steel system. The result will be the first tower structure developed in the SoNo area in the last 10 years.   

“It’s an exciting opportunity to contribute to the neighborhood’s character at such a pivotal point and help solidify its identity,” Kassin added. “With immediate proximity to parks, entertainment, transportation and jobs the area has the potential to be a top Atlanta neighborhood.”

JLL marketed the site for sale in late 2019, selecting Woodfield after a sealed bid process.  The transaction represents an approximately $167 per land square foot value, a record for the SoNo area. “We are extremely pleased with the results of this transaction, and we look forward to Woodfield’s development of 505 Courtland.  This should be a shot in the arm for further development in SoNo,” said JLL’s Scott Cullen.  

JLL’s Scott Cullen and Mark Lindenbaum served as the lead brokers on behalf of Drapac.     

“With development sites in Midtown and Downtown becoming scarcer, SoNo is seeing substantial new growth and interest,” said JLL’s Mark Lindenbaum.  Ideally situated between one of the hottest real estate markets in in the southeastern United States in Midtown and a dense Downtown being bolstered by new residential and mixed-use development, SoNo benefits from the convergence of those two neighborhoods.