The garden-style Bergen County community totals 237 units

MORRISTOWN, N.J., May 12, 2020 – JLL Capital Markets announced today that it has arranged $30 million in financing for Ivy Lane, a 237-unit, garden-style multi-housing community in Bergenfield, Bergen County, New Jersey.

JLL worked on behalf of the borrower, Tower Management Service, L.P., 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.

Ivy Lane is located on the border of Teaneck and Bergenfield along Liberty Road less than eight miles from Manhattan. The property consists of 17 two-story buildings that house a mix of 142 one-bedroom, 86 two-bedroom and nine three-bedroom units with an average unit size of 582 square feet. Ivy Lane also includes 227 on-site parking spaces and 102 garages. The borrower also owns and operates the adjacent Omni Apartments and both communities have experienced high historical occupancies.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Analyst Gerard Quinn.

“We were very pleased to execute this fixed-rate loan during the current market conditions,” Didio said.  “Tower Management and Freddie Mac did a great job committing to and closing the loan, and a big thanks to our internal Freddie Mac team for their hard work getting this to the closing table.”

 The five-property portfolio totals 844 affordable housing units in various neighborhoods

JLL Capital Markets announced today that it has closed the sale and arranged financing for a five-property multi-housing portfolio totaling 844 affordable housing units in various San Antonio, Texas, neighborhoods. JLL marketed the offering exclusively on behalf of the seller, Terravista Partners, and procured the buyer, Pico Union Housing Corporation. Additionally, working on behalf of the new owner, JLL arranged an acquisition loan through Rialto Capital Management. Remaining loan proceeds will be used to renovate the properties.

 The garden-style properties in the portfolio include Roselawn Apartments at 3346 Roselawn Road (120 units), Spanish Spur Apartments at 6835 Pecan Valley Drive (160 units), Villas of Pecan Manor at 6840 Pecan Valley Drive (160 units), Westwood Plaza Apartments at 2600 Westward Drive (308 units) and Winston Square Apartments at 2506 South General McMullen Drive (96 units). Constructed between 1960 and 1976, units average 769 square feet across the portfolio.

 The JLL Capital Markets team representing the seller was led by Senior Directors Moses Siller and Zar Haro.

 JLL’s Capital Markets debt placement team representing the new owner was led by Director Anson Snyder.

DENVER – JLL Capital Markets announced today that it has arranged the refinancing of Advenir on Addison, a 264-unit, garden-style multi-housing property in North Dallas.

JLL worked on behalf of the borrower, Advenir, to secure the seven-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. 

Advenir on Addison is located at 17671 Addison Road near the intersection of President George Bush Turnpike and Dallas North Tollway. The property is well supported by retail, dining and entertainment venues, including the Galleria Mall, Village on the Parkway, the Shops at Willow Bend and Valley View redevelopment. Advenir on Addison is also near the Platinum Corridor, one of the DFW metroplex’s largest office corridors, and three of the metro’s largest mixed-use developments: CityLine, Legacy Business Park and Frisco’s $5 Billion Mile. Units include one- and two-bedroom floor plans averaging 923 square feet with amenities such as stainless steel appliances, granite kitchen counters, hardwood and slate flooring, spacious walk-in closets, in-unit washers and dryers, and attached garages for all units. 

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Eric Tupler, Managing Director Josh Simon and Senior Managing Director Andy Scott.

DALLAS – JLL Capital Markets announced today it has closed the sale of Summer Brook, Summer Green I & II and Summer Lake, three workforce multi-housing communities totaling 884 units in the East Texas community of Longview.

JLL marketed the properties on behalf of the seller, BSR Real Estate Investment Trust. Monarch Investment & Management Group purchased Summer Brook and Summer Green I & II and Saxony Capital Management (“Saxony”) purchased Summer Lake. JLL’s debt placement team also worked on Saxony’s behalf to secure a floating-rate loan for the acquisition of Summer Lake through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender. 

Summer Brook is located at 2300 Bill Owens Parkway in the desirable North Longview submarket near major retail amenities, including Longview Mall and Longview Towne Crossing. The 12.25-acre property includes a mix of 208 one-, two- and three-bedroom units averaging 855 square feet. Summer Brook features a resort-style swimming pool, grilling/picnic area, business center, 24-hour fitness center, reserved covered parking and available private garages, and direct access to the adjacent Paul G. Boorman Running Trail.

Summer Green I & II is situated on 19.11 acres at 110 E. Hawkins Parkway. The two-phase community features a mix of 164 one-bedroom and 260 two-bedroom units averaging 905 square feet. Community amenities include two resort-style swimming pools, a grilling/picnic area, basketball court, 24-hour fitness center, clubhouse, children’s playground, bark park with pet washing station, and a total of 720 parking spaces.

Summer Lake is located at 3100 McCann Road on a 12.6-acre site adjacent to Longview Mall and Loop 281. Units include a mix of studio, one- and two-bedroom floor plans averaging 852 square feet. Summer Lake features two resort-style pools, grilling area with pergolas, stocked fishing lake, lighted sports court, clubhouse, dog park and reserved covered parking.

The JLL Capital Markets team representing the seller included Senior Director Greg Toro and Director Steven Hahn, Jr.

JLL’s Capital Markets debt placement team assisting Saxony with acquisition financing for Summer Lake was led by Senior Managing Director Mark Brandenburg and Associate Chad Russell.

MINNEAPOLIS – JLL Capital Markets announced today that it has arranged equity for the development of NOVO, a 192-unit multi-housing complex located in the Twin Cities’ suburb of Richfield, Minnesota.

NOVO will consist of a five-story and three-story building situated above a two-level, heated underground parking garage with 246 spaces. The project is being developed on a two-acre site at 2412 West 66th Street just east of Southdale Mall and west of Penn Avenue. In addition, NOVO will offer residents nearby access to Interstates 35 and 494 as well as the forthcoming Bus Rapid Transit METRO Orange Line. The property’s 192 units will total 202,122 square feet across a mix of 28 well-designed studio, one- and two-bedroom floor plans. Units will include luxury finishes, including stainless steel appliances, large kitchen islands, tile backsplashes and spacious closets. Community amenities will include a fitness center with dedicated yoga room, community room, theater room, dog park and an outdoor amenity plaza with a pool, hot tub, fire pits, multiple seating areas and pergola.

The JLL Capital Markets team representing the seller included Senior Directors Dan Linnell, Josh Talberg and Mox Gunderson and Director Adam Haydon.

“JLL was grateful to be a part of moving this project forward amidst all of the uncertainty in the world,” Linnell said. “The successful completion of this transaction is a true testament to the quality of the project, strong sponsorship and a great lending partner.”

PORTLAND, ORE. – JLL Capital Markets announced today that it has arranged construction financing for the development of Block 40, a 232-unit, luxury multi-housing project in Portland’s South Waterfront neighborhood.

JLL worked on behalf of the developer, Alamo Manhattan, to arrange the construction loan. The JLL team previously worked on the developer’s behalf to arrange joint venture equity for the project, which was announced in October 2019.

Block 40 is being constructed on a 1.06-acre site at 3838 SW Macadam Avenue less than one mile south of the Portland CBD. The transit-oriented development is also next to Oregon Health & Science University (“OHSU”), which is currently undergoing a 1.1 million-square-foot expansion, and steps from the Portland Streetcar, MAX Light Rail and the OHSU Aerial Tram.

Due for completion in late 2021, the property will consist of a seven- and eight-story podium-style building with studio, one- and two-bedroom units averaging 724 square feet, approximately 6,500 square feet of ground-floor retail and 174 parking spaces. Planned amenities at the LEED-certified project will include a rooftop terrace with firepit, spacious seating area and TVs; courtyard with water fountain, fire pit, grilling area and seating area; fitness center with Technogym; dog park and dog wash.

The JLL Capital Markets team representing Alamo Manhattan was led by Senior Director Mark Erland and Directors Matt Benson and Charlie Watson.