HOUSTON – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for The Loop Apartments, a 188-unit, Class A luxury apartment community in Conroe, Texas.

JLL marketed the property exclusively on behalf of Apartment Advisors, Inc. and procured the undisclosed buyer. In addition, JLL worked on the new owner’s behalf to arrange a fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

The Loop Apartments is located at 3400 Loop 336 just minutes from Interstate 45 to the north of the Houston metro. Completed in 2017, the sought-after property consists of eight three-story apartment buildings that house a mix of one-, two- and three-bedroom floor plans averaging 909 square feet. Units feature luxury lighting packages, stainless steel appliances and high-end finishes. Common area amenities include a saltwater pool, two outdoor grilling stations, state-of-the-art fitness center, outdoor entertainment pavilion, dog park, 424 parking spaces and controlled access. 

The JLL Capital Markets team representing the seller was led by Greg Austin, Chip Nash, Bob Heard, Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney.

JLL’s Capital Markets debt placement team representing the new owner was led by Tim Leonhard, Mary Davis and Eric Hightower.

DALLAS – JLL Capital Markets announced today that it has arranged construction financing for The Riverfront Lofts, a 266-unit, Class A multi-housing project, which will be the first phase of The Riverfront mixed-use waterfront district in downtown Waco, Texas.

JLL worked exclusively on behalf of the developer, Catalyst Urban Development, to secure the floating-rate construction loan that was provided by First United Bank. This development is the result of a collaborative multi-year effort leading to a proactive public/private partnership with the City of Waco aimed at creating a vibrant urban riverfront experience complete with a new public park, farmers market venue, interactive streetscapes and destination venues.

The Riverfront Lofts will be the first phase of the planned mixed-use district and will be constructed on a 6.37-acre site along S. University Parks Drive just west of Interstate 35 and within walking distance to the Baylor University campus and Waco’s largest attraction, Magnolia Market at the Silos. The property will be an urban residential project designed to combine seamlessly with the upcoming restaurants, hotel, small office and public uses within the walkable urban district that is situated along the Brazos River. The buildings are designed in a Texas loft style that will create a distinct identity for the community and will feature a signature sign that will add a unique touch to this downtown expansion.

This first residential phase will include amenities such as a clubroom with a large fitness facility, coffee lounge, entertainment and gaming areas, community catering kitchen with dining area, and a fully amenitized business center with work rooms. Homes will feature high ceilings, designer finishes, large windows, built-in shelving, walk-in closets, unique lighting and exterior balconies. Units will offer multiple options for a ground-floor home office with the option to hang signage if desired. The property will also offer a host of parking options, including structured parking, private garages, covered spaces and convenient front-unit parking along the streets.

The JLL Capital Markets team representing the borrower was led by Managing Director Jeremy Sain.

CHARLOTTE – JLL Capital Markets announced today it has closed the $65.9 million sale of Lodge at Croasdaile Farm, a 320-unit, garden-style and townhome apartment community in the North Durham submarket of Durham, North Carolina.

JLL marketed the property on behalf of the seller, a joint venture between Boston-based The Davis Companies and Gemini Partners, LLC, and procured the buyer, Virginia-based RST Development, which assumed management operations under its affiliate, Hercules Living.

The Lodge at Croasdaile Farm is situated on nearly 40 acres at 3130 Hillandale Road within the Croasdaile Farm master-planned community, which features a median home price of nearly $525,000. Completed in 2019, the three-phase property consists of a mix of one-, two- and three-bedroom garden-style flats and two- and three-bedroom townhome units totaling 340,160 rentable square feet. Community amenities include a resort-style saltwater pool, outdoor grilling areas, resident lounge with community kitchen and coffee bar, fitness center with yoga space, outdoor pavilion with games, private gardens and a leash-free bark park. Residents also have direct access to premium lifestyle amenities, including Croasdaile’s extensive paved greenway system and the trails surrounding Crystal Lake, as well as access to nearby Interstate 85, which provides connectivity to the MSA’s largest employers in Downtown Durham, Duke University and Duke Medical Center. 

The JLL Capital Markets team representing the seller was led by Managing Directors Jeff Glenn and Andrea Howard, Senior Director Allan Lynch, Directors Caylor Mark and John Currin along with former Managing Director Justin Good.

“Recent deliveries in the Durham sub-market are urban infill developments,” said Blair Booth, one of the development partners involved with the project. “The cost to deliver and rent these projects have priced out a large portion of the rental demographic. Our goal was to develop a close-in, Class A property with competitive finishes at a cost and price point well below our infill competitors. The vigorous lease-up and strong rental rates exceeded our expectations and supported the need for quality workforce housing in Durham.”

HOUSTON – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Lakebridge Apartments, a 272-unit, value-add, garden-style apartment community in North Houston.

JLL marketed the property exclusively on behalf of the undisclosed seller, and procured the buyer, Sentinel Peak Capital Partners. Additionally, JLL worked on the new owner’s behalf to arrange floating-rate acquisition financing, which was provided by Voya Investment Management.

Lakebridge Apartments is located at 300 Woerner Road in the Spring submarket. Phase I of the property was originally developed in 1984 as condominiums and Phase II was added in 2001. The property features 19 two-story buildings situated on 13.2 acres with residential units averaging 896 square feet. All ground-floor units have been recently renovated. Common area amenities include a swimming pool, lakeside views with fishing access, clubhouse, fitness center, walking trails, dog park, putting green, lush landscaping and 538 parking spaces.

The JLL Capital Markets team representing the seller was led by Chip Nash, Bob Heard, Greg Austin, Chris Young, Joey Rippel, Chris Curry and Todd Marix.

JLL’s Capital Markets debt placement team representing the new owner was led by Campbell Roche and James Brolan.

JLL Capital Markets announced today that it has arranged $58.5 million in financing to fund the recapitalization of a nine-property multi-housing portfolio located in Oakland, California.

JLL worked exclusively on behalf of Mosser Capital (Mosser) and its new foreign investment partner to secure the seven-year (including extension options), floating-rate loan through Société Générale. The loan includes interest-only payments through the first five years of the term with an initial advance of $49.5 million and an additional $9 million in future funding for unit renovations, the addition of new accessory dwelling units (ADU’s) and other expenses. Mosser originally acquired the assets in a series of transactions and aggregated the portfolio between 2016 and 2017. 

The portfolio consists of 282 existing rent-controlled residential units, including the addition of 28 to-be-built (accessory dwelling units (ADU’s), and four ground-floor retail suites. The properties are centrally located in highly desirable submarkets of Oakland: Cleveland Heights, Adam’s Point, Lakeside, Uptown and East Lake. Units average 522 square feet.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Peter Smyslowski and Director Bercut Smith.

“Closing this loan during the recent market disruption posed some unique challenges,” Smyslowski said. “However, thanks to the borrowing team’s outstanding reputation and experience, Société Générale never wavered from its commitment to close the loan in a timely manner.”

JLL Capital Markets has been retained by PR 121 East 37 LLC to exclusively market and sell 121 East 37th Street in New York’s Murray Hill neighborhood. The 9,124-square-foot residential building includes 11 apartments. The owner is asking $10.25 million for the property.

The five-story 121 East 37th Street, located between Park and Lexington Avenues, offers one studio, one two-bedroom unit and nine one-bedroom apartments. The property was constructed in 1920 and underwent an extensive renovation that was completed in 2019. The renovation included high-end condo style finishes, and several of the apartments have private outdoor spaces or mezzanine loft spaces. The building has an elevator, and all of the units have high ceiling heights. The fully free-market property will be delivered vacant.

The apartment building is located in the heart of Manhattan’s office core and is within walking distance of Grand Central Terminal and the United Nations campus. It offers convenient access to the B, D, F, M, N, Q, R, W at Herald Square, as well as the 4, 5, 6, 7 and S at Grand Central, and several bus lines serving Manhattan. Located at the edge of the dynamic Murray Hill neighborhood and Midtown East, 121 East 37th Street is close to some of the city’s best restaurants and nightlife.

The JLL professionals overseeing the sale assignment include Managing Directors Clint Olsen and Brock Emmetsberger and Directors Josh Gruber, Albert Mamiye, Stephen Godnick, Ryan Kossoy and Reed Waggoner. Senior Managing Director Max Herzog will offer financing assistance.

“121 East 37th Street is an excellent turnkey investment opportunity right off of Park Avenue and with quick access to Grand Central,” Emmetsberger said. “It’s rare to find a recently renovated elevatored building of this size with condo-level finishes. The apartment building offers an excellent opportunity for a low maintenance investment or a corporate housing operator looking to plug and play as a furnished rental.”