Stern brings more than 20 years of acquisitions experience to the growing Midwest team

CHICAGO, August 31, 2020 – JLL Capital Markets announced today that Mark Stern has joined the firm as a Managing Director in its Chicago office. Mr. Stern will be an integral part of the growing Midwest multi-housing team where he will focus on investment advisory transactions across the entire Midwest region.

Mr. Stern has more than 20 years of commercial real estate industry experience and joins JLL from a private investment advisory firm where he led the real estate acquisitions team. Prior to that, he led several teams at Waterton, a leading real estate investing and property management company, where he most recently served as the Senior Vice President of Acquisitions. He has extensive experience sourcing acquisitions for these firms and has been personally involved in securing more than $2 billion of acquisitions throughout his career. He is an active member of the Urban Land Institute’s Multifamily Green Council and serves as the Membership Chair. Mr. Stern received his bachelors’ degree in Political Economy at The Colorado College.

“We are excited to welcome Mark to our Midwest multi-housing team,” Matthew Lawton, Executive Managing Director, JLL Capital Markets noted. “He brings a deep knowledge base to our existing team and will be a critical component to the continued growth of our already dominant market share.”

JLL Capital Markets led the financing efforts for one of the first transit-oriented apartment projects in the University submarket of Charlotte

CHARLOTTE, August 27, 2020 – JLL Capital Markets announced today that it has arranged $44.5 million in financing for the development of Lumeo, a 314-unit, transit-oriented, multifamily project in the University submarket of Charlotte, North Carolina.

JLL worked on behalf of the developer, Panorama Holdings, LLC, to secure the construction loan through Broadshore Capital Partners. 

The first units at Lumeo are scheduled to be delivered in December 2020 and the entire project will be completed in 2021. The project comprises five garden-style buildings on a 10-acre parcel immediately adjacent to the University City Boulevard LYNX station and just one-half mile from Tom Hunter station. The community is centrally located in an amenity-rich area between UNC Charlotte and Uptown, deriving demand from both the student and professional population. With various one bedroom, two-bedroom and three-bedroom options, Lumeo features both outdoor community living and indoor relaxation space. Residents will enjoy the large upscale clubhouse, a resort-style saltwater pool with sun deck, and courtyards with gas grills, bar and fire pit. A full fitness center with a yoga room couples with a walking trail throughout the community that will be a perfect fit for an active lifestyle.

“We’re committed to provide high-quality products bettering the living of the residents in the University City community,” says Jane Wu, president of Panorama Holdings. “Lumeo is strategically located at the center of University City Entertainment District, within walking distance to Topgolf, LYNX Station and Belgate Shopping Center. We have confidence in Lumeo that its fascinating location and carefully designed luxury amenities will suit the dynamic and urban lifestyle here.”

The JLL debt placement team leading the financing efforts included Senior Managing Director Hal Kempson and Director Taylor Allison.

JLL’s Project & Development Services group has been engaged to handle development and construction management for the property.

“Prior to the light rail’s delivery, the University submarket of Charlotte had been slow to develop,” said Kempson. “Now that the light rail is built out, we anticipate tremendous rent growth, similar to what we witnessed in the South End neighborhood. Communities such as Lumeo are poised to benefit from this trend and will enjoy long-term stability, especially given the University market’s connectivity to UNC Charlotte and the recent inbound migration we’ve seen to secondary markets such as Charlotte due to the current pandemic.”

JLL Capital Markets led the financing for Hanover Southampton located in the city’s West University neighborhood

HOUSTON, August 20, 2020 – JLL Capital Markets announced today that it has arranged financing for Hanover Southampton, a 206-unit multi-housing community in Houston’s affluent West University neighborhood.

JLL worked on behalf of the developer, Hanover Company and State Farm, to secure the seven-year, fixed-rate loan through the Freddie Mac CME Program. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Completed in 2015, Hanover Southampton is located at 5122 Morningside Drive within walking distance to Houston’s most historic mixed-use urban development, Rice Village, which boasts over 300 retailers and dining establishments. Additionally, the property is proximate to Houston’s largest employment centers including Texas Medical Center, Greenway Plaza, Galleria and Downtown. The 95-percent-leased community offers 12 floors of living with units averaging 1,435 square feet each. Community amenities include a 10,000-square-foot rooftop resident amenity lounge, rooftop pool, 24-hour concierge, Technogym fitness club, outdoor grilling stations, private theatre, executive conference room, bike storage, valet dry cleaning services and pet-washing station. 

The JLL debt placement team representing the borrower was led by Managing Director Cortney Cole and Director Dustin Selzer.

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. 

Capital Markets completed the sale of the Axis and Mosaic multi-housing properties 

NASHVILLE, Tenn, August 18, 2020 – JLL Capital Markets announced today that it has closed the $41.2 million sale of a two-property apartment portfolio in Nashville's thriving South submarket. 

Archway Equities LLC., an affiliated entity of Archway Holdings Corp., sold the assets to an affiliate of Bond Companies in an off-market transaction via an unsolicited offer.  

The portfolio comprises the Axis at 307 Glengarry Dr. and Mosaic at 1019 Patricia Dr. Located approximately 10 minutes from downtown, the portfolio's position along Murfreesboro Pike provides residents with fast access to Nashville's largest employment and entertainment nodes.  

In addition, according to CoStar's recent Q2 report, South Nashville's cumulative growth has been strong, and rents are roughly 50% more expensive now than they were in 2010. This level of growth is outperforming the metro-wide figure by nearly 15 percentage points. 

“We are strong believers in the fundamentals of Nashville and are committed to increasing our presence there,” said Sean Moghavem, President of Archway Equities. “We were able to exceed our business plan expectations in less than half our originally assumed hold period, resulting in a much stronger returns, even considering COVID. This is only due to Nashville’s dynamism and its ability to attract strong employers in its market.” 

The JLL Capital Markets team was led by Senior Directors Ian Anderson and Peter Chacon. 

“Despite the hurdles due to the pandemic, investor appetite for Nashville multi-housing remains strong,” Chacon said. “Buyers are confident in Nashville's long-term outlook and the market's ability to continue posting in the nation's top 10 rent-growth cities.”

JLL Capital Markets arranged the sale and Freddie Mac acquisition loan for Covenant Capital Group  

SAN ANTONIO, August 5, 2020 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for the Park at Rialto, a newly constructed, 274-unit, garden-style multi-housing community built by GenCap Partners, Inc. in the northwest part of San Antonio, Texas. 

JLL worked on behalf of Covenant Capital Group, to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender. Covenant Capital Group purchased the asset from GenCap Partners, Inc., in a JLL-brokered transaction. 

Park at Rialto was constructed in 2018 and offers an urban lifestyle due to its proximity to major employment hubs, retail, entertainment and recreational amenities. The community, with an average unit size of 882 square feet, is situated on 9.3 acres and is National Green Building Standard certified. 

“The central Texas markets like San Antonio and Austin are very attractive investment markets right now, and we are seeing growing demand for not only new apartments but investors willing to invest in this growth,” says Gary Williams, CFO of GenCap Partners, Inc. “That is why we have three new starts in these growing suburban areas.”  

The JLL Capital Markets team that led the financing efforts on behalf of the borrower was led by Senior Director CW Sheehan and Analysts Alastair Barnes and Scott Dickey. The JLL Capital Markets team representing the seller was led by Senior Managing Director Sean Sorrell.   

“Park at Rialto is a great acquisition for Covenant Capital Group, as they expand their portfolio in Texas,” Sheehan added. “The property offers excellent access to major employers and will benefit from the continued growth between Boerne and San Antonio.”   

JLL Capital Markets announced today that it has secured $55 million in joint venture equity for Cape Advisors’ 30-77 Vernon Blvd in Astoria, Queens.

JLL worked on the behalf of the borrower, Cape Advisors, to secure the joint venture equity. 

The three-building, 534-unit property, located on a 2.5-acre waterfront site overlooking Manhattan, is one of the largest multi-housing developments in the city’s five boroughs.

Astoria is one of New York City’s most vibrant neighborhoods, with world-class dining, shopping and nightlife within walking distance of the property. 30-77 Vernon Boulevard is also conveniently located in close proximity to public transportation options, including the Astoria East River ferry stop, the R and W subway lines and a variety of bus lines. 

The JLL Capital Markets team representing the borrower was led by Vice Chairman Stephen Palmese, Managing Directors Rob Hinckley and Jeffrey Julien, Vice President Nicco Lupo and Senior Director Steven Rutman.

“30-77 Vernon Boulevard is uniquely positioned to accommodate New York City renters seeking abundant space, top of the line amenities and extraordinary waterfront views,” said Hinckley. 

“Overlooking the East River and Manhattan, the property offers the best of Astoria and easy access to all of New York City from the adjacent ferry stop,” added Palmese. 

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.

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