KANSAS CITY, Kan., June 22, 2020 – JLL Capital Markets announced today that it has arranged $21 million in joint venture equity for the development of The Residences at Galleria, a 322-unit, Class A, podium multi-housing community in the suburban Kansas City community of Overland Park, Kansas.  

JLL worked on behalf of the developer, Block Real Estate Services, LLC (“BRES”), to arrange the joint venture equity partnership with Hartford Investment Management Company (“HIMCO”).  

The shovel-ready, 5.74-acre site is at 11450 Outlook St. is directly adjacent to Sprint World Headquarters in Overland Park, the most affluent submarket in the state of Kansas. The project site, which was sourced directly from Sprint, is part of the broader mixed-use Galleria 115 master-planned development that, when complete, will include approximately 70,000 square feet of office and 200,000 square feet of retail space in addition to 548 multi-housing units, including the subject property. The property is walkable to five upscale retail centers, national grocers and ample restaurant options. 

The Residences at Galleria’s mix of one-, two- and three-bedroom units will average 927 square feet and will feature high ceilings, large walk-in closets with custom shelving, highly upgraded kitchens with upgraded appliances and European-style cabinets, outdoor terraces, modern white granite countertops, full-sized washer and dryer in units, double-paned windows and more. The project will feature the best community amenities offered in the submarket and include a large resort-style swimming pool with shallow ledge features; pool deck with cabanas, hot tub, sports courts and water features; fitness center with Peloton bikes, massage therapy and virtual training; outdoor group fitness areas; clubhouse with fireplace, game room and social media room; executive business center; dog park and pet spa; and available garage and covered parking. The project is expected to deliver in 2022. 

“Galleria will be BRES’ most exciting project to date, building on our successful experiences with this high-end podium product, which allows for a large outdoor amenity deck and other amenities that are unique in this market,” said Ken Block, BRES Managing Principal. “We are excited to partner with HIMCO on this project, and, from the beginning of discussions with them, it was clear that we had a shared vision for the quality of this project and its high-demographics location within Overland Park.” 

The JLL Capital Markets Debt Placement team representing the borrower was led by Executive Managing Director Jody Thornton, Senior Director Mark Erland, Director Matt Benson and Analyst Kellan Liem.

ORLANDO, June 17, 2020 – JLL Capital Markets announced today that it has expanded its investment advisory team with the addition of Jay Ballard and Ken Delvillar as Managing Directors focused on multi-housing transactions in its Orlando office.

Mr. Ballard and Mr. Delvillar are commercial real estate veterans with more than 54 years of combined industry experience. They join JLL from Cushman and Wakefield, where they were Executive Directors for the Florida Multifamily Advisory Group. Over the course of their careers, Mr. Ballard and Mr. Delvillar have represented a variety of public and private companies, developers, life companies, pension fund advisors and condo converters on both a regional and national basis and have been involved in more than $6.5 billion of completed transactions.

Mr. Ballard is an active member of National Multi-Housing Council (NMHC) and Florida Apartment Association (FAA). He has been recognized as a top broker both in-house and by NAIOP, Costar and Central Florida Commercial Real Estate Society (CFCRES). Mr. Ballard is a graduate of the University of South Carolina, Darla Moore School of Business.

Mr. Delvillar graduated with a degree in Finance from the University of Central Florida.  He is also an active member of numerous industry organizations, including NMHC, FAA, Apartment Association of Greater Orlando (AAGO) and CFCRES. Additionally, Mr. Delvillar is a Certified Commercial Investment Member (CCIM).

“We are very excited about the opportunity to join the Central Florida JLL Capital Markets team,” Ballard said. “With JLL’s recent acquisition of HFF last year, our ability to tap into their extensive debt and equity capacity by way of their DUS lending and equity platform, will allow us to expand the services we provide to our clients.” 

“We anticipate collaboration with our capital markets colleagues throughout Florida as well as the Sunbelt and beyond,” added Delvillar. 

“We are really excited to add Jay and Ken to our growing capital markets platform,” said Brad Peterson, Senior Managing Director and Head of JLL Capital Markets Orlando. “Adding such an accomplished duo with so much experience and deep relationships to our Florida multi-housing team will further enhance what is now a fully integrated JLL capital markets platform.”

PHOENIX, June 9, 2020 – JLL Capital Markets announced today that it has arranged construction financing and joint venture equity for the development of Cabana on 99th, a 286-unit, garden-style multi-housing project in Phoenix’s Glendale submarket.

JLL worked on behalf of the developer, Greenlight Communities (“Greenlight”), to arrange the joint venture equity partnership with Bridge Investment Group and a construction loan through a regional bank.

Cabana on 99th will be situated at the northwest corner of 99th and Missouri Avenues just off Loop 101. Due for completion in 2021, the property will provide “attainable” workforce rental housing under the Cabana brand. The property’s design is the culmination of Greenlight’s consultation with leading industry experts, architects and property managers to design a prototype building style, floorplans, unit mix, amenities and operational strategies that would result in the construction savings needed to develop a ground-up project that provides an inviting home environment for residents at a lower cost. 

Cabana on 99th’s studio, one-bedroom and two-bedroom units will total approximately 172,500 square feet. Amenities will include a common area designed as co-working space, swimming pool, outdoor grilling and dining, courtyard with lush landscaping and hammock garden, covered parking, controlled access and ride share locations.

“At Greenlight, we have adopted an ‘everything you need, nothing you do not’ philosophy in designing our Cabana projects,” said Pat Watts, Principal at Greenlight Communities. “By eliminating expensive, and often under-utilized common areas and amenities, and focusing only on those that deliver a true value component to our residents, we have reduced overall construction costs, as well as ongoing repair and maintenance costs. Gone are the extravagant over-sized clubhouses, wine storage, movie theatres and business centers. We have thoughtfully replaced such spaces with modern co-work space, indoor and outdoor fitness options and community inspired back-yard living.”

The JLL Capital Markets team representing the developer was led by Managing Director Bryan Clark, Senior Director Brad Miner and Analyst Daniel Pinkus.

“Greenlight is developing an innovative product that addresses a huge need in the market today: new, attainable housing for working families,” Miner added. “We are grateful to work with the Greenlight team and look forward to the successful development of Cabana on 99th and the other Cabana-branded projects.” 

PORTLAND, ORE., June 8, 2020 – JLL Capital Markets announced today that it has completed the sale of Modera Davis, a 204-unit, luxury high-end residential community located in Portland, Oregon’s Pearl District.

JLL marketed the property exclusively on behalf of the seller, a joint venture between Mill Creek Residential Trust LLC and their capital partner. Virtú Investments, purchased the asset free and clear of existing financing. 

Modera Davis is located at 215 NW 10th Street within the affluent Pearl District, and was sold prior to receiving a temporary certificate of occupancy. The newly built, 12-story property features units averaging 658 square feet, 8,307 square feet of retail and 136 parking stalls. The property boasts a Walk Score® of 100 and Transit Score® of 95 due to its location adjacent to some of the city’s most iconic restaurants, retailers and entertainment venues. 

Apartments feature spacious floor plans with private balconies and high-end finishes, including quartz countertops and backsplashes, stainless steel appliances, wine refrigerators, modern slab panel cabinetry, plank flooring, expansive windows and full-size washers and dryers. Community amenities feature a top-floor fitness center, rooftop deck with grilling area and fire pit, sauna with rock salt wall, sensory deprivation float spa chamber, golf simulator, demonstration kitchen and electric vehicle charging stations.

The JLL Capital Markets investment advisory team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, Senior Director Carrie Kahn and Associate Frank Solorzano.

PHOENIX, June 8, 2020 – JLL Capital Markets announced today that it has arranged a refinancing totaling $185.63 million for a 1,439-unit portfolio of five multi-housing properties in and around Phoenix, Arizona.

JLL worked on behalf of the borrower, a partnership between Wealhouse Capital Management and Western Wealth Capital, to secure five, seven-year, floating-rate non-recourse loans through Freddie Mac. The loans will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

The portfolio comprises the Carlyle Apartments and the Carlyle Townhomes in Phoenix; Greentree Place and Autumn Creek in Chandler; and Spring Meadow in Glendale. The properties are garden-style and were constructed between 1981 and 1996 and feature a range of amenities, including resort-style pools, clubhouses, fitness rooms, basketball courts, valet trash service, green areas and dog parks. The assets are situated in excellent locations throughout metropolitan Phoenix, which is the nation’s No. 1 multi-housing market in terms of historical and projected rent growth.

“Wealhouse is happy with our continued investments in initiatives that bring benefits to the tenants such as upgrading the energy efficiency of the properties and improving ESG,” said Scott Morrison, CEO of Wealhouse Capital. “We also look forward to continuing our investments in Phoenix and its surrounding sub-markets as we continue to anticipate leading population and economic growth.”

The JLL Capital Markets team representing the borrower was led by Managing Director Josh Simon and Senior Director Brad Miner.

“The Phoenix multi-housing market has remained extremely resilient during this current pandemic, affording us the opportunity to provide significant financing, in terms of multi-housing assets in the Phoenix area, to Wealhouse and Western Wealth teams on these five assets,” Miner said.

“It’s always a pleasure working with the borrower and their impressive portfolio, and we are grateful for our partners at Freddie Mac, who remained steadfast through the process and executed their part expertly,” Simon added.

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.

MORRISTOWN, N.J., June 8, 2020 – JLL Capital Markets announced today that it has arranged $48.75 million in financing for the development of Print House by Vermella, a 271-unit, best-in-class apartment building in Hackensack, Bergen County, New Jersey.

JLL worked on behalf of the borrower, a joint venture between Russo Development, The Hampshire Companies and Fourth Edition, to secure the 60-month, floating-rate construction loan through a national bank.

Print House by Vermella will be situated in a prime location at 150 River Street near Downtown Hackensack and the Bergen County Courthouse. The transit-oriented development will also be adjacent to the NJ Transit Hackensack Bus terminal, within five minutes of two NJ Transit stations and will offer residents convenient access to Interstate 80. The fully approved project will feature 271 market-rate, luxury rental units, including a mix of studio (12%), one-bedroom (52%) and two-bedroom (36%) floor plans. Units will include washers and dryers, spacious walk-in closets with built-in shelving, nine-foot ceilings, abundant natural light, Nu Wud flooring, and gourmet kitchens complete with quartz countertops, custom cabinetry, marble tile backsplashes and stainless-steel energy-efficient appliances.

The resort-like amenity package will include a swimming pool and sun deck; state-of-the-art fitness center with yoga studio and Fitness on Demand; gorgeous clubroom with fireplace seating area, multiple TVs, various game stations, billiards, a bar area, and an oversized dining table; a private conference room; private dog walk; and direct access to the brand-new Riverwalk along the Hackensack River. Upon completion, this building will be the first of a multi-phase development that will total nearly 20 acres along the Hackensack River. Future phases will include an additional 382 residential units and approximately 30,000 square feet of commercial space.

The JLL Capital Markets team representing the borrower included Senior Managing Directors Thomas Didio, Jon Mikula and Michael Klein and Associate Andrew Zilenziger.

“We are pleased to help the Russo/Hampshire/Fourth Edition joint venture secure construction financing for the Print House by Vermella project on River Road,” Didio said. “The bank did a terrific job committing and closing the loan in a very difficult market.”