MIAMI, June 1, 2020 – JLL Capital Markets announced today that it has arranged a $32.25 million refinancing for Lake House, a 240-unit, garden-style multi-housing community in Davenport, Florida.

JLL worked on behalf of the borrower, Beachwold Residential, 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.

Lake House is situated on 19.72 acres at 200 Village Boulevard in the community of Davenport, outside of Orlando. The property benefits from several nearby employment demand drivers, including Walt Disney World, Universal, numerous Fortune 500 distribution centers and Orlando Health’s new “Reunion Village” development. Additionally, the immediate area surrounding the property offers residents an abundance of retail, restaurants, recreation and entertainment offerings. Renovated in 2019, Lake House offers tenants one-, two- and three-bedroom floor plans, and community amenities that include a pet-friendly environment, clubhouse, health and fitness center, car care area, basketball court, outdoor grill, swimming pool, tennis court and bark park.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Mona Carlton, Managing Director Elliott Throne, Directors Jesse Wright and Amit Kakar and Associate Michael DiCosimo.

“This refinance is a testament to lenders like Freddie Mac who continue to provide unbelievably attractive financing terms in a unique time when all else seems uncertain,” Throne said. “Beachwold was able to take advantage of historically low rates that better position both them and this great asset for many years to come.”

CHARLOTTE, May 21, 2020 – JLL Capital Markets announced today that it has completed the sale and financing of Hawthorne at Lake Norman, a 232-unit, Class A multi-housing community in Mooresville, North Carolina. 

JLL represented the seller, Hawthorne Residential Partners, LLC, and procured the buyer, PassiveInvesting.com. Additionally, JLL worked on behalf of PassiveInvesting.com to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.

Hawthorne at Lake Norman is located 25 miles north of Uptown Charlotte at 118 Plantation Creek Drive in Mooresville, one of Charlotte’s fastest growing communities. The property is nestled along the shores of Lake Norman and is just minutes from the area’s largest employer, Lowe’s Corporate Headquarters. Additionally, Hawthorne at Lake Norman has tremendous accessibility to Uptown Charlotte via the newly delivered I-77 Express Lanes and is surrounded by more than 5.5 million square feet of retail amenities. The 20-acre site is home to 18 two- and three-story garden-style buildings offering spacious units averaging 1,055 square feet each and 104 direct access garages. Community amenities at the 97%-leased property include a multimedia center, cybercafé, 24-hour fitness center with rock climbing wall, saltwater swimming pool, car wash station, pet park and exclusive boat club.  

The JLL Capital Markets team representing the seller included Managing Directors Andrea Howard and Jeff Glenn, Senior Director Allan Lynch and Directors Caylor Mark and John Currin. 

JLL’s Capital Markets team representing the borrower was led by Managing Director Cory Fowler. 

“A product of the area’s dynamic growth story and Hawthorne’s stewardship of the property, the sale of Hawthorne at Lake Norman represented one of our team’s most competitive marketing campaigns,” Howard said. “To close a transaction during these uncertain times requires tremendous operational performance at the property level and diligence by both the buyer and seller. This collective performance culminated in a successful sale of a differentiated asset that will offer PassiveInvesting.com outsized returns for years to come.” 

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 the firm’s U.S. media center Web page: U.S. newsroom.

CHICAGO, May 20, 2020 – JLL Capital Markets announced today that it has arranged a $10.296 million refinancing for British Woods, a 130-unit multi-housing community in Oak Ridge, Tennessee.

JLL worked on behalf of the borrower, MZ Capital Partners, to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.

British Woods is located at 301 Briarcliff Avenue approximately 20 miles northwest of downtown Knoxville. The recently revitalized property is positioned on a 10-acre site close to West Knoxville, The Oak Ridge National Labs and the Y-12 National Security Complex. British Woods offers one-, two- and three-bedroom layouts in both townhome and garden-style homes. Amenities at the 98%-leased, pet-friendly community include a swimming pool, fitness center, clubhouse, bark park and nearby walking and biking trails. 

The JLL Capital Markets team representing the borrower was led by Managing Director Matthew Schoenfeldt. 

“The principals of MZ Capital Partners have a proven formula for adding value and enhancing communities,” Schoenfeldt said. “British Woods is a shining, flawlessly-executed example of this strategy.”

The Class A, garden-style multi-housing property totals 216 units 

MORRISTOWN, N.J., May 19, 2020 – JLL Capital Markets announced today that it has closed the sale of Avalon Tinton Falls, a 216-unit, Class A garden-style apartment property in Tinton Falls, Monmouth County, New Jersey.

JLL marketed the property exclusively on behalf of the seller, AvalonBay Communities, Inc. A private investor purchased the asset free and clear of existing financing.

Avalon Tinton Falls is situated on 35 acres at 100 Autumn Drive less than one mile from Exit 100B of the Garden State Parkway, which offers unmatched regional accessibility. The community is also near affluent beach communities, including Spring Lake, Sea Girt and Avon-by-the-Sea, and more than 3.3 million square feet of Class A corporate office parks within a 10-mile radius. Completed in 2008, the property has been institutionally maintained and comprises contemporary amenities, including a clubhouse with a modern fitness center, swimming pool with sundeck, playground, car care center, lounge, grilling stations and dog park. Units include a diverse mix of one-, two- and three-bedroom floor plans averaging 1,101 square feet. Apartments feature in-unit washers and dryers, private patios or balconies, crown molding and spacious walk-in closets. 

The JLL Capital Markets team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Steve Simonelli, Mark Mahasky and J.B. Bruno. 

“Multifamily continues to be a safe haven for investment capital in the suburban New York area given all the challenges that the markets are currently facing,” stated Cruz.

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided $116,439,707 in mission-driven Freddie Mac loans to refinance three separate portfolios consisting of 34 total workforce housing properties in Los Angeles, California. The transactions were originated by Dale Holzer, managing director in Greystone’s Newport Beach office.

The first financing, $45,228,000 of five-year hybrid loans, refinances 301 residential units across seven properties in Los Angeles’ Koreatown neighborhood. The second financing package includes $43,111,707 in total loans to refinance 16 multifamily properties comprising 193 residential units in Los Angeles’ Westside region. Marc Schillinger of JLL served as advisor to the borrowers for both transactions.

The third recent financing originated by Mr. Holzer includes $28,100,000 in total loans with a 10-year term, for a portfolio of 11 multifamily properties with 302 units in the Baldwin Village neighborhood of Los Angeles. Jonathan Lee of George Smith Partners served as advisor to the borrower in the transaction.

“We’re thrilled to help our clients secure more favorable financing terms and also monetize the existing equity in their portfolio, which is what happened with all of these transactions,” said Mr. Holzer. “Our team loves being able to show how our flexibility and deep understanding of the local market can enable even the most complicated portfolio transactions to be executed seamlessly and without delay.”

Firm to arrange equity financing for mixed-income residential development at 163-05 Archer Avenue in Jamaica, Queens, NY; project located in opportunity zone

 NEW YORK, May 15, 2020 — JLL Capital Markets was selected by BRP Companies to arrange joint venture equity financing for the construction of the $286 million Archer Towers project. The residential development is located at 163-05 Archer Avenue in the rapidly evolving Jamaica submarket of Queens, N.Y.

 The 24-story Archer Towers is located at the corner of Archer Avenue and Guy R. Brewer Boulevard. The 540,000-square-foot project will offer a total of 605 residential units, including 424 market-rate apartments and 181 mixed-income units. The development includes approximately 20,000 square feet of amenities that include a movie screening room, a lounge, a children’s playroom, bicycle storage, a pet spa, attended parking, a fully equipped rooftop and finished outdoor space, a yoga studio, a basketball court, a pickleball court, a landscaped rear yard and a golf simulator.

 The Archer Towers project is located within an opportunity zone, providing significant post-tax savings over a 10-year hold for a qualified opportunity fund investor. The 10-year investment horizon will allow for the submarket to further develop, resulting in significant rent appreciation and value capture on reversion. It will also be the beneficiary of a 35-year tax abatement under the Affordable New York program.

 Archer Towers is positioned adjacent to Jamaica Avenue’s retail corridor with national brands such as Home Depot, Dollar Tree, Blink Fitness and Old Navy within walking distance. It is located within a three-minute walk of the Jamaica Ave/Parsons Ave subway stop (E, J, Z) and a short 10-minute walk to the Sutphin Boulevard-Archer Avenue-JFK Subway Station and Jamaica LIRR. This provides residents express access to employment hubs throughout Queens, as well as an approximate 20-minute LIRR ride to Penn Station and Atlantic Terminal.  

BRP has completed demolition of the existing buildings on the site, has 100% of construction drawings and can execute a Guaranteed Maximum Price construction contract imminently. The firm will begin construction of Archer Towers immediately upon closing of the joint venture equity financing and securing debt financing with their capital partner.

 It is expected that an investor will also consider participating in the second phase of Archer Towers. This future addition will add 432 units to the overall project, including 130 additional affordable-housing units and further expanding the commanding presence of the development along Archer Avenue. Phase two is expected to begin construction in the summer of 2021.

 The JLL Capital Markets professionals handling the joint venture equity raise for BRP are being led by Rob Hinckley and Jeff Julien. The JLL team also includes senior team members Andrew Scandalios and Roland Merchant; core team members Stephen Palmese and Steven Rutman; and support associates Nicco Lupo and Rob Root.

 “Archer Towers represents the largest shovel-ready residential rental construction site in New York City,” said Hinckley. “We are excited to discuss this investment with opportunity zone and traditional investors alike. Over the past several years, BRP has painstakingly designed, value-engineered and removed risk from this development, which will provide much-needed housing for city-dwellers. This is on the heels of BRP’s nearby highly-anticipated 669-unit, The Crossing at Jamaica Station, a public-private partnership development that is delivering soon. The multi-phase Archer Tower residential development, which includes a large portion of needed mixed-income regulated housing, is deemed ‘essential,’ allowing for the partnership to create much needed near-term jobs as construction will begin immediately, even within current market conditions.”