MORRISTOWN, N.J. – JLL Capital Markets announced today that it has arranged $32.45 million in construction financing for The Rail at Bound Brook, a to-be-constructed, 143-unit, mid-rise, transit-oriented, Class A apartment community located within an Opportunity Zone in Bound Brook, New Jersey.

JLL represented the sponsorship, a joint-venture between Denholtz Properties and Redwood Real Estate Group, to secure a three-year, floating-rate loan through Citizens.

The six-story The Rail at Bound Brook will feature studio, one- and two-bedroom floorplans with designer kitchens, large windows, walk-in closets, nine-foot ceilings, stainless steel appliances, in-unit full-size washers and dryers, balconies and large terraces in select units and an average size of 811 square feet. Community amenities will include a large lobby, a resort-style furnished courtyard with lounge areas, an upscale 4,030-square-foot club suite, a game room, yoga studio, a co-working space and garage parking. Additionally, the property will offer 650 square feet of retail space and 149 parking spaces.

Located at 100 Hamilton Street within Somerset County, the site is in downtown Bound Brook across the street from the Bound Brook Train Station, adjacent to the Brooks Art Center and proximate to numerous shops and restaurants. The community will offer exceptional access to Central and Northern New Jersey via nearby highways, including I-287, I-78 and Route 22. Additionally, the site is approximately 34 miles west of New York City and is walkable to commuter rail service to Manhattan. The Rail at Bound Brook’s location is further enhanced with downtown’s designation as a Transit Village by the New Jersey Department of Transportation (“NJDOT”).

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Michael Klein and Jon Mikula and Vice President Michael Lachs.

“Bound Brook has experienced a resurgence of new multi-housing development as demand continues to outweigh supply. The Rail at Bound Brook will provide best-in-class amenities and luxury,” said Mikula.

“JLL is pleased to have secured construction financing for the sponsorship.  This is a transformational project for the market, and we look forward to watching the development progress,” added Klein.

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos, and research resources on JLL, please visit our newsroom.

TAMPA, Oct. 6, 2022 – JLL Capital Markets announced today that it has closed the $9 million sale of an off-market, shovel-ready, 180-unit apartment development site in Sarasota, Florida.

JLL represented the seller, a joint venture between Defined Companies, co-founded and led by Noah Leon and Steven Guasch, and Nadeb Investment Group, led by President Eben Mensah. Arlington Properties, Inc. acquired the asset.

Prior to the sale, Defined and Nadeb secured all entitlements, approvals and permits for the development of a five-story 180-unit apartment community. The project will feature one- and two-bedroom floor plans, as well as an expansive amenity base that includes a double-volume resident clubhouse and leasing center, an indoor/outdoor fitness center with a dedicated yoga room, resort-style pool deck with an outdoor pavilion, an indoor/outdoor gaming area, resident coworking spaces and private offices, a dog park, a Zen courtyard with lush landscaping and a calming water feature and an intimate gazebo overlooking the pond and conservation area.

Situated at 3045 Broadway Ave., the property allows residents convenient access to U.S. Route 301, University Parkway and I-75. Additionally, the site is less than five miles from downtown Sarasota and less than three miles from Sarasota Bradenton International Airport.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Director Simon Banke and Managing Director Zach Nolan.

“This project was very special to us as it aligned with our core values of being socially and environmentally conscious developers.  Our team worked alongside the respective governmental agencies to identify and propose creative solutions to a multitude of unique site constraints, creating value on land once considered ‘undevelopable’ by others.  We were able to accomplish the preservation of wetlands and incorporation of attainable housing, while maintaining our high-quality design standards.  It is with great pleasure that we pass the torch to Arlington Properties, and we look forward to their success,” said Noah Leon and Steven Guasch of Defined.

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

SAN FRANCISCO, CA – JLL Capital Markets announced today that it has arranged $94.3 million in construction financing for a 189-unit, four-story, Class A multi-housing development located in downtown Pleasant Hill, California.

JLL worked on behalf of the borrower, Gemdale USA, to secure the senior financing through Bank OZK and the mezzanine financing through AvalonBay Communities.

Situated at 85 Cleaveland Rd., the property is located in downtown Pleasant Hill and is adjacent to 350,000 square feet of retail stores, restaurants and a movie theater. Once complete, the project will offer a first-class amenity package, including a fully equipped fitness center, communal lounges, state-of-the-art clubroom, an outdoor courtyard with lounge seating, an amenitized rooftop and pool deck, co-working lounge and outdoor meeting rooms, fireplaces and a resort-style feel.

The JLL Capital Markets Debt and Equity Advisory team representing the borrower was led by Brandon Roth, Nicco Lupo, Jordan Angel and Tatiana Hodapp.

“This is a remarkable development site,” said Roth. “Gemdale is replacing an obsolete office building that sat vacant for years with 189 units of high-quality housing that is desperately needed in this area.  Given the lack of developable sites, the community in downtown Pleasant Hill hasn’t benefitted from new apartments in over 30 years.”

CHICAGO – JLL Capital Markets announced today that it has arranged the $59.8 million construction financing for 741 North Wells, a shovel-ready, 21-story, 168-unit, Class A multi-housing project with 3,580 square feet of retail in downtown Chicago.

JLL represented the borrower, Vista Property, to secure the four-year, floating-rate construction loan through Huntington National Bank.

With an anticipated completion of the first quarter of 2024, 741 North Wells will feature spacious units with an average size of 740 square feet. Community amenities will include bike storage, a coworking lounge, a rooftop pool and sundeck and a state-of-the-art fitness center.

741 North Wells St. is positioned on the east side of North Wells Street immediately south of the Chicago Avenue intersection. Both Chicago Avenue and Wells Street are arterial thoroughfares, providing convenient east/west and north/south access. The property also offers residents proximity to the purple/brown and red lines. The central location of the project will allow residents easy access to Old Town, Rush and Oak Street Corridors, Magnificent Mile, River North, the Central Business District and the Clybourn Corridor. Additionally, residents will benefit from the growing corporate locations within the Wells Street Corridor and will be within a 15-minute walk to 3.9 million square feet of office space.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Christopher Knight, Director Mary Dooley, along with Associate Medina Spiodic.

“This project, which has been meticulously and thoughtfully designed by Vista, will be a wonderful addition to the vibrant River North community,” said Knight. “The terrific response from the capital markets is also a testament to the strong multifamily fundamentals in Chicago.” 

BOSTON – JLL Capital Markets announced today that it has arranged the construction financing for Center & Stone, a 201-unit, two-building multi-housing project with 9,500 square feet of retail space and 10,500 net square feet of amenity space in Quincy, Massachusetts.

JLL represented the borrower, FoxRock Properties, to secure the construction loan through Citizens Bank.

Upon completion, Center & Stone will include community amenities, such as a roof deck, an outdoor pool, 165 garage parking spaces and a resident lounge. Additionally, 3,000 square feet of the retail space will be leased to Citizens Bank, 6,500 square feet will be dedicated to a restaurant user and a ground-level suite will serve as a leasing and management office.

Located at 1170 and 1200 Hancock St., the property is strategically situated just steps away from the Quincy Center MBTA Red Line. In addition to public transit, the community will be easily accessible from I-93, creating a convenient commute to both downtown Boston and suburban employment. The project’s proximity to Route 3 will allow residents connectivity to the coast, Cape Cod and an array of outdoor recreation options. Walkable attractions in the new and vibrant Quincy Center include restaurants, bars, multiple parks and open spaces and art galleries.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Jonathan Schneider.

 “The FoxRock team has designed an ultramodern, transit-oriented residential project that will have an immediate positive impact on the evolving Quincy Center,” said Schneider.

MIAMI – JLL Capital Markets announced today that it closed the sale and arranged the equity of the Modera Academical Village development site, a two-phase, 793-home mixed-use apartment community with 16,000 square feet of ground-floor retail located on the campus of Nova Southeastern University in Davie, Florida.

JLL marketed the property on behalf of the seller, a partnership between the Brandon Company and Nova Southeastern University. Mill Creek acquired the asset. In addition, JLL also secured a joint venture equity partnership with FCP to capitalize the first phase of the project, as well as the acquisition of the land for the second phase.

Situated at 3400 S. University Drive, Modera Academical Village is located on the campus of Nova Southeastern University, adjacent to HCA Healthcare’s newly constructed, 950,000-square-foot hospital. The property is just 15 minutes from downtown Fort Lauderdale and within a 30-minute drive of 76 million square feet of office parks. The community’s proximity to I-595, Broward County’s primary east-west highway, will provide future residents convenient access to Florida’s Turnpike and I-95, as well as the rest of South Florida.

Modera Academical Village will be constructed in two phases. Phase I will be comprised of 397 homes in an eight-story mid-rise structure, and Phase II will include the remaining 396 homes in a 12-story structure. Phase I is anticipated to complete construction in 2024.

The JLL Capital Markets Investment Advisory team representing the seller was led by Manny De Zarraga, Maurice Habif, Simon Banke and Ted Taylor. The JLL Capital Markets Equity Advisory team was led by Mark Sixour and Simon Banke.

“Academical Village is a transformational project bringing a variety of uses to both Davie and Nova Southeastern University. Modera Academical Village plays a key role in this mixed-use development, providing highly desirable homes that are uniquely integrated with the university campus,” said Banke.