JLL Capital Markets closed the sale of the portfolio of Southeastern U.S. properties to three buyers 

ATLANTA, June 29, 2020 – JLL Capital Markets announced today that it has closed the final transaction of a 20-property Project-Based Section 8 (HAP) portfolio sale totaling 1,763 units and $106 million across Georgia, North Carolina and South Carolina.   

JLL marketed the property on behalf of the seller, Ambling. Preservation Partners Development; Infinity Real Estate Advisors, LLC; and Jonathan Rose Companies each acquired parts of the portfolio.  

“Ambling has a deep history of developing and preserving best-in-class affordable housing communities throughout the Sunbelt, and this portfolio sale represents a culmination of those efforts” said Mike Godwin, CEO, Ambling. “We were excited to work with a group of buyers who were equally committed to preserving the portfolio’s long-term affordability. We are thankful for the deal team’s collective efforts, including each buyer, as well as the successful process facilitated by the JLL Affordable Housing Team.”

Preservation Partners Development purchased 12 communities in Georgia, including Athens Gardens and Clarke Gardens in Athens; Glynn Isle Townhomes in Brunswick; Calhoun Gardens in Calhoun; Cartersville Gardens in Cartersville; Bridge Creek and Merrimac Village in Fitzgerald; Forsyth Gardens in Forsyth; Catoosa Gardens in Fort Oglethorpe; Riverside Gardens in Macon; Statesboro Summit in Statesboro and Burkestone Place in Waynesboro. Clarke Gardens, Athens Gardens, Calhoun Gardens, Catoosa Gardens, Cartersville Gardens and Forsyth Gardens are currently in the middle of a substantial rehabilitation, that will include updated interiors as well as updated and improved community spaces for residents. 

 Infinity Real Estate Advisors, LLC acquired two North Carolina properties, Fayetteville Gardens in Fayetteville and Salem Gardens in Salem, and five South Carolina communities, Anderson Village in Anderson, Phoenix Place in Greenwood, Manning Gardens in Manning, Mauldin Gardens in Mauldin and Seneca Gardens in Seneca.  

Jonathan Rose Companies acquired Savannah Summit in Savannah, Georgia.

The JLL Capital Markets team representing the seller was led by Senior Managing Director and co-head of JLL Affordable Housing Doug Childers and Director Michael Fox along with Senior Managing Director Ryan Clutter.  

“The sale of the Ambling Portfolio represents an essential preservation of affordable housing, made possible by the tremendous, collective efforts of the Ambling team and each respective buyer Childers, said. “The transaction was executed across a variety of acquisition strategies, requiring coordination between multiple capital sources, state agencies and HUD, the result of which was an accretive outcome for all parties involved.”

Loans secured by multi-housing communities in Rapid City, South Dakota  

DENVER, June 29, 2020 – JLL Capital Markets announced today that it has arranged $27.5 million in financing for Harmony Heights Apartments and Stoney Creek Apartments, two garden-style multi-housing communities totaling 533 units in Rapid City, South Dakota. 

JLL worked on behalf of the borrowers, Harmony Heights Associates LLP and Stoney Creek Associates LLP, to originate two uncrossed, 10-year, fixed-rate Fannie Mae loans. The loans, which will be used to refinance existing financing, will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender. 

Harmony Heights Apartments consists of 15 three-story buildings housing 255 units. The property is situated on 17.43 acres at 1819 Harmony Heights Lane just south of Interstate 90 in Rapid City. 

The 278-unit Stoney Creek Apartments is situated on 27.5 acres at 2710 Wilkie Drive approximately five miles south of downtown Rapid City. Developed by the borrower in 2008, the property consists of 16 three-story residential buildings along with a clubhouse and 29 detached garages.  

The JLL Capital Markets team representing the borrower was led by Senior Director Brock Yaffe. 

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 Jones Lang LaSalle Multifamily, 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 completes the sale of Marquis at Briarcliff in the North Druid Hills submarket of Atlanta

ATLANTA, June 26, 2020 – JLL Capital Markets announced today that it has closed the sale of Marquis at Briarcliff, a 104-unit, garden-style multi-housing community in the North Druid Hills submarket of Atlanta, Georgia.

JLL represented the seller, CWS Capital Partners, LLC, and procured the buyer, Chicago-based Oak Residential Partners, LLC.

Marquis at Briarcliff is located at 1000 Gables Way centrally positioned between Buckhead and Midtown and close to Atlanta’s leading private and institutional employers. Additionally, the property is in the heart of a dense medical cluster anchored by the CDC Headquarters, Emory University Hospital, the VA Medical Hospital and the American Cancer Society as well as two new medical campuses being developed by Emory Healthcare and Children’s Healthcare of Atlanta. Marquis at Briarcliff comprises four residential buildings offering one-, two- and three-bedroom floorplans. Community amenities include a resort-style swimming pool, 24-hour fitness center, outdoor grilling stations and a dog park. 

The buyer plans to implement a renovation program to Marquis at Briarcliff that will focus on enhancements to unit interiors, property amenities, building exteriors and landscaping as well as a rebranding and name change.

JLL Capital Markets coordinates financing request for four properties in New Jersey and New York

MORRISTOWN, N.J., June 25, 2020 – JLL Capital Markets announced today that it has arranged a $12 million credit facility for Tower Management that will be secured by four separate properties. 

The line of credit will include 97-99 Bayard Street in New Brunswick, New Jersey; Spring Gardens apartments in New Providence, New Jersey; Windsor Terrace apartment community in New Windsor, New York, and Paltz River apartments in Montgomery, New York.  

JLL’s Capital Markets team representing the borrower was led by Thomas Didio and Zachary Chaikin. 

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.

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.

DALLAS, June 23, 2020 – JLL Capital Markets announced today that it has arranged equity and financing for the development of Stillwater Crystal Springs, a 386-unit, Class A+ apartment community in Fort Worth, Texas.

The JLL team worked on behalf of Stillwater Capital (“Stillwater”) to arrange an equity investment from CrossHarbor Capital Partners. In addition, the team also assisted Stillwater by placing a 40-month, floating-rate construction loan that was provided by Texas Capital Bank.

Stillwater Crystal Springs will be situated on an approximately 7.5-acre site at 5336 White Settlement Rd. along the Trinity River in Fort Worth’s River District, which is approximately three miles west of downtown. Due for completion in 2022, the project has broken ground and will consist of studio, one- and two-bedroom units totaling 308,250 square feet. Planned community amenities include an elevated amenity deck, resort-style pool, courtyard with outdoor lounge area and fire pit, expansive coworking space, dog park, bike storage, fitness center, controlled building access and garage parking.

The JLL Capital Markets team representing the borrower was led by Senior Director De’On Collins.

“We are excited to bring a high-quality project to the River District area of Fort Worth,” said Stillwater Partner Clay Roby. “The unique topography of the site provides an opportunity for elevated amenity decks and incredible views. With direct access to the Trinity Trail, the project will also address increasing demand for developments that promote density and walkability in a thoughtful and community-focused way.”

DENVER, June 22, 2020 – JLL Capital Markets announced today that it has arranged $28 million in financing for The Cliffs at Minnetonka, a 456-unit garden-style apartment community in Minnetonka near Minneapolis, Minnesota. 

JLL worked on behalf of the borrower, The Cliffs Limited Partnership LLP, to originate the 10-year, fixed-rate Fannie Mae loan. The loan, which will be used to refinance an existing loan, will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender. 

Completed in 1988, The Cliffs at Minnetonka is located at 12300 Marion Lane in a busy commercial corridor close to the Interstate 394 and 494 interchange in suburban Minneapolis. The 27.5-acre site features six four-story buildings with 456 units. 

The JLL Capital Markets team representing the borrower was led by Senior Director Brock Yaffe.