JLL Capital Markets announced today that it arranged a $9.26 million refinancing for The Forum, a 73-unit mid-rise apartment community located at 1361 Federal Highway in Boca Raton, Florida.

JLL worked on behalf of the borrower, Rosemurgy Properties, to secure the 120-month, fixed-rate loan through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

The Forum features a pool and tropical courtyard, balconies, spacious floor plans, walk-in closets and more. The property is currently undergoing $1.3 million in renovations, including interior unit remodeling, concrete restoration, new exterior painting and repaving of the parking lot and walkways. To date, Rosemurgy Properties has contributed $2 million in upgrades, including HVAC systems, windows, roofing and elevators.

“We are proud to continue providing outstanding apartment homes to the heart of Boca Raton,” said Nic Desiato, CFO of Rosemurgy Properties. “In addition to the $2 million that Rosemurgy Properties has contributed in upgrades, this financing will further support improvements at The Forum apartments for current and future residents to enjoy, including interior unit remodeling and amenity upgrades.”

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Elliott Throne and Directors Amit Kakar and Jesse Wright.

“The Borrower was able to successfully capture very attractive agency financing,” said Wright. “This will now allow Rosemurgy Properties to continue providing an excellent product to residents of east Boca Raton, as they have been over the last 25 years.”

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 the arrangement of a $30.58 million loan regarding the acquisition of the Amber Ridge Apartments located at 2421 Foothill Boulevard in the greater Los Angeles area of La Verne, California. 

JLL worked on behalf of the borrower, Silver Star Real Estate, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. 

Amber Ridge Apartments consist of 147 garden-style units and is located in the La Verne suburb of Los Angeles. With breathtaking mountain views, the apartment community is near various retail, restaurants and entertainment and about 30 miles from the downtown area.

Boasting a combination of both modern and classic apartment styles, Amber Ridge has a heated swimming pool, 24-hour fitness center, barbeque area with outdoor entertainment such as picnic areas, two playgrounds, a clubhouse and more. 

The JLL Capital Markets team representing the borrower was led by Managing Director Greg Brown, Associate Nicolas Lench and Analyst Charlie Vorsheck.

“We were pleased to deliver our client with excellent rate and terms while working through the closing of this loan during the peak of the COVID-19 pandemic,” said Brown. “The attractive loan terms will allow them to execute their business plan and drive their returns.” 

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 experts have completed the $26.5 million sale of The John Adams, 105-05 69th Avenue, in the Forest Hills neighborhood of Queens, N.Y., a 112,596-square-foot, pre-war, mixed-use residential and office property.

The John Adams was constructed in 1943 and totals 112,596 square feet, including 115 residential apartments, with 54 free-market, 57 rent-stabilized and two rent-controlled units. In addition, 41% of the one-bedroom apartments have another windowed room that can potentially be used as a second bedroom or a home office The six-story mixed-use building also features two office spaces on the ground floor, along with two elevators, a live-in super, bicycle storage space, an on-site laundry room and a 33-car parking garage.

The John Adams is located at 105-05 69th Avenue, between Queens and Yellowstone Boulevards, just a few blocks from Austin Street, the main retail corridor in Forest Hills. The retail environment around the building offers an ideal mix of convenient corporate stores and authentic Queens, family-owned shops. The property sits between two subway stations, just four blocks from each, with access to the E, F, M and R train lines.

The JLL professionals overseeing the sale of The John Adams includes Managing Director Guthrie Garvin, along with Vice Chairmen Brendan Maddigan and Stephen Palmese, Managing Director Winfield Clifford, Vice President Alexander Ball and Associates Michael Lipman, Jack Norton and Solomon Michailow. Financial advisory services were provided by Managing Director Scott Aiese.

“The John Adams was a terrific opportunity to acquire an exceptional income-producing asset with substantial future upside in the rapidly transforming Forest Hills neighborhood,” said Guthrie. “The asset was in high demand due to its mix of free market and rent regulated tenants as well as its unparalleled location right on Queens Boulevard, the main artery running through all of Queens.”

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.

JLL Capital Markets announced today it has arranged construction financing for Iron Ore Properties for the development of a 25,000-square-foot mixed-use building with 11 luxury apartments at 104 Baker Street in downtown Maplewood, New Jersey.

JLL worked on behalf of Iron Ore Properties to place the three-year loan with Provident Bank.

104 Baker Street is located in the heart of Maplewood’s vibrant downtown corridor and is just a quarter mile from the NJ Transit Train Station. The proposed development will include 11 luxury apartments and approximately 3,500 square feet of retail and parking. Upon completion, the building will significantly exceed LEED standards and feature condominium-style finishes including expansive windows, stainless steel appliances, recessed lighting, modern cabinetry and quartz countertops, among other new, modern finishes.  Residents will also benefit from an expansive indoor/outdoor rooftop terrace and immediate access to Maplewood’s active commercial district which is home to a variety of boutique shops and first-class restaurants.

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

“With very few developable sites in downtown Maplewood, 104 Baker Street presents an outstanding opportunity to deliver new apartments and commercial space to a vibrant community,” stated Custer.  “Despite the ongoing COVID-19 environment, the project’s outstanding fundamentals allowed JLL to secure competitive development financing on behalf of the borrower.”

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.

JLL arranged the loan for the best-in-class boutique property with ground-floor retail  

WASHINGTON, D.C., July 8, 2020 – JLL Capital Markets announced today that it has arranged a $34.25 million refinancing for Element 28, a 101-unit, best-in-class boutique apartment building with 3,500 square feet of ground-floor retail space in Bethesda, Maryland.  

JLL worked on behalf of the borrower, a partnership between institutional investors advised by J.P. Morgan Asset Management and KETTLER, to place the three-year, floating-rate loan with two one-year extension options with MetLife Investment Management. Loan proceeds will be used to refinance existing debt.  

Constructed in 2017, Element 28’s mix of one- two- and three-bedroom units features best-in-class unit features, including Bosch and Thermador appliances with paneled refrigerators and dishwashers, designer lighting package with island pendants and kitchen task lighting, MechoShade blinds, white quartz and granite countertops, glass kitchen backsplashes, wood plank flooring, private terraces, custom closet shelving and stone-tiled spa showers and soaking tubs. Community amenities include a 24-hour concierge, WiFi lounge with complimentary coffee, temperature-controlled wine lockers, conference room fitness studio, retractable glass-walled rooftop lounge, green roof areas, plaza accessible bike parking, bike storage and transit screen providing real time status of transit options.  

Element 28 is at 100 Commerce Lane, an irreplaceable location steps from the intersection of Wisconsin Avenue and Old Georgetown Road in Bethesda’s live-work-play area. With a WalkScore® of 95, which categorizes the property as a “Walker’s Paradise,” Element 28 is one block from the Bethesda Metro Station and near the high-end shopping at Bethesda Row and Woodmont Triangle.  

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Kelly Gaines, Senior Director Jennifer Keller, Managing Director Jamie Leachman and Associate Amy Lousararian. 

“The strength of the sponsorship, Class A+ product and core location in one of the most sought-after markets in the D.C. Metro all contributed to tremendous interest from the lending community,” Leachman said. “JLL is thrilled to have helped the partnership close this transaction with Met Life, who performed flawlessly and never wavered during these uncertain times.”

JLL Capital Markets closed the sale of the site that is zoned for multi-housing 

CHARLOTTE, N.C., June 30, 2020 – JLL Capital Markets announced today it has closed the $10.9 million sale of Davis Park East, a 21.07-acre, shovel-ready, multi-housing development site adjacent to the Research Triangle Park node in Durham, North Carolina. 

JLL marketed the property on behalf of the seller, Lee Properties Group, and procured the buyer, a joint venture with Wood Partners and Stockbridge. 

Davis Park East is approved for up to 403 multi-housing units and 25,000 square feet of commercial space. Located at 4701 Hopson Rd. in Durham, the site is minutes from both Raleigh and Durham’s downtowns. Davis Park East is within walking distance to retail and restaurants and is proximate to 2.5 million square feet of office space within the Imperial Center. 

The JLL Capital Markets team was led by Director Sarah Godwin and Senior Associate John Mikels.  

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.