NEWPORT BEACH, Calif. – JLL Capital Markets announced today that it has arranged $58.5 million in financing for a recently renovated, five-property multi-housing portfolio totaling 328 workforce-oriented housing units in San Diego, California.

JLL worked exclusively on behalf of the borrower, Real Asymmetry, to arrange the 10-year, fixed-rate loan through Union Bank. The loan proceeds were used to refinance existing bank debt at a much lower rate, including an initial interest-only period, and provided for a very flexible prepayment structure.

The properties in the portfolio are located in and around the East San Diego submarket, which is one of the fastest growing multi-housing markets in Greater San Diego. The portfolio includes Asana at North Park at 3710-3810 Wabash Avenue; Pacific Cove at 4019 Oakcrest Drive; Tierra Del Rey at 3675 King Street; Tiburon at 7740 Parkway Drive; and 14th Street at 1028 14th Street. The portfolio’s average occupancy at closing was 96%.

The JLL Capital Markets team representing the borrower was led by Senior Director Zane Sweet.

DENVER – JLL Capital Markets announced today that it has arranged $18.85 million in financing for the development of Bloom at Cherry Creek, a 111-unit, Class A mid-rise apartment property currently under construction in Denver’s Cherry Creek submarket.

JLL worked on behalf of the borrower, Botnick Realty, to secure the five-year, fixed-rate construction loan through a regional bank.

Bloom at Cherry Creek is being constructed on a 1.11-acre site at 4700 E. Kentucky Avenue, which provides immediate access to recreation amenities, including the Cherry Creek Bike Path and Infinity Park, as well as nearby access to the Cherry Creek North shopping district. Due for completion in mid-2021, the five-story, podium-style property will total 70,733 rentable square feet across a mix of studio, one- and two-bedroom units finished with white Shaker cabinets, quartz countertops, stainless steel appliances, luxury flooring and in-unit washers and dryers. Community amenities will include a rooftop deck with firepit, grilling station, community kitchen, game room, fitness center and workstations.

The JLL Capital Markets team representing the borrower included Senior Directors Kristian Lichtenfels and Matt Steffen.

“We see Bloom at Cherry Creek as Botnick Realty’s next great opportunity to expand on our investment strategy in and around Denver, said Brian Botnick, Managing Member of Botnick Realty. “We are excited to grow our platform and continue building our team with a focus on providing quality residential communities.”

MORRISTOWN, N.J. – JLL Capital Markets announced today that it has arranged $41 million in acquisition financing for BELA, a newly developed, 104-unit, luxury apartment community located within a qualified opportunity zone in Jersey City’s rapidly expanding Bergen-Lafayette neighborhood.

JLL worked on behalf of the borrower, Golden Glades Capital Management, to arrange the two-year, floating-rate loan that was provided by Ares Commercial Real Estate Corporation (NYSE: ACRE).

BELA is situated one block from Liberty State Park’s Hudson-Bergen Light Rail station and less than one mile from Interstate 78, which provides accessibility to the Hudson Waterfront, lower Manhattan and the greater New York MSA. Completed in 2019, the eight-story property features best-in-class construction and unit design, offering a diverse mix of spacious one- and two-bedroom apartments averaging 982 square feet. Units feature Caesarstone countertops, oversized wood cabinets, stainless steel appliances, island kitchens, full-size washers and dryers and large closets. Community amenities include rooftop views of the Manhattan and Jersey City skylines, a fitness center, yoga studio, grilling stations, outdoor lounge, club room and furnished suites for guests. BELA also offers onsite parking and bike storage via its first-floor garage and approximately 2,600 square feet of ground-level retail.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Director Matthew Pizzolato.

“BELA received tremendous interest from the lending community,” Pizzolato said. “Ares ultimately stepped up to offer the most attractive terms and structure that will allow Golden Glades Capital Management to execute their business plan and lease-up the property.”  

CHICAGO – JLL Capital Markets announced today that it has closed the sale of One Santa Fe, a 438-unit, mixed-use, core-plus apartment community located in the Arts District of Los Angeles.

JLL marketed the property on behalf of the seller, Berkshire Residential Investments. A Canadian institutional investor purchased the offering. One Santa Fe is the final tranche of a 13-property multi-housing portfolio that JLL marketed on Berkshire’s behalf. The sale of the other 12 properties, which totaled 3,904 units across six key U.S. markets, was announced in July of last year.

One Santa Fe is located at the intersection of S. Santa Fe Avenue and E. Third Street in the heart of one of Los Angeles’ trendiest neighborhoods. Completed in 2015, the mid-rise property encompasses a mix of studio, one- and two-bedroom units as well as an 81,000-square-foot retail component known as The Yards at One Santa Fe, which comprises a diverse selection of elegant shops and esteemed dining options surrounding private landscaped walkways. In addition to the prime location convenient to multiple rail lines, community amenities include a zero-edge swimming pool, custom cabanas, outdoor dining area with grills, entertainment kitchen, resident lounge, billiards, CYBEX® fitness center, private yoga and Pilates studio, outdoor theater, fireside retreat, electric car charging stations and concierge service.

The JLL Capital Markets team representing the seller for the Los Angeles tranche of the portfolio was led by Managing Director Blake Rogers along with Executive Managing Director Matthew Lawton and Senior Managing Director Sean Deasy.

MORRISTOWN, N.J. – JLL Capital Markets announced today that it has arranged $17.5 million in financing for the development of The Rail @ Red Bank, a 57-unit, Class A apartment project in Red Bank, Monmouth County, New Jersey.

JLL worked on behalf of the borrower, Denholtz Properties, to secure the 30-month, floating-rate construction loan followed by a 10-year forward permanent loan through Provident Bank.  

The Rail @ Red Bank will consist of 57 luxury units along with over 6,500 square feet of retail space and a two-level, on-site parking garage with 147 spaces. The property will provide residents with modern amenities such as two grand amenity decks, a rooftop deck, fitness center with a yoga studio and fitness on demand, resident clubroom, bike storage room, dog wash station and game room. Unit features will include stainless steel appliances, engineered wood flooring in the living areas, tiled bathrooms, quartz/granite countertops, nine-foot ceilings, in-unit washers and dryers and heating/cooling systems.

The property is ideally positioned in a transit-oriented location at 116-118 Chestnut Street, which is adjacent to the Red Bank Train Station. In addition to train service, the property is proximate to Academy Bus service and the Seastreak Ferry from Atlantic Highlands. The property also offers access to major roadways, including State Route 35, the Garden State Parkway and County Route 520. Completion is expected later this year.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Associate Andrew Zilenziger.

“JLL is excited to have helped Denholtz Properties with this transit-oriented development,” Klein said. “Situated next door to Denholtz’s new corporate office and the NJ Transit train platform, this project is going to help transform the immediate neighborhood and anchor the area for years to come.”

“Provident recognized the untapped potential for this underutilized neighborhood,” Mikula added.

MORRISTOWN, N.J. – JLL Capital Markets announced today that it has completed the $29.6 million sale of The Hub at Metuchen, a Class A, transit-oriented mixed-use residential and retail property in Metuchen, Middlesex County, New Jersey.

JLL marketed the property exclusively on behalf of the seller, Renaissance Properties. A private buyer purchased the asset as part of a 1031 exchange requirement free and clear of existing financing.

The Hub at Metuchen is situated on 2.69 acres at 656-660 Middlesex Avenue in the heart of Metuchen’s transit village. Located in central New Jersey just off Interstate 287 and less than a 10-minute walk from the Metuchen train station, the property offers residents convenient access to all of the New York City metro’s major employment centers, including Manhattan in 45 minutes. Metuchen’s convenient access to transportation has led to a recent renaissance in the vibrant downtown, reflected by over 100,000 square feet of retail and 428 apartment units delivered since 2014 within a half-mile of the Metuchen Station.

Completed in 2018, The Hub at Metuchen consists of a mix of 79 luxury apartments averaging 899 square feet along with 11,203 square feet of retail and a total of 136 parking spaces. The property offers a luxurious amenity package, including a state-of-the-art fitness center with yoga room, resident lounge, bike storage and pet washing station. Units feature quartz countertops, wood cabinetry, designer tile, plank flooring, smart lock entry, and in-unit washers and dryers.

The JLL Capital Markets team representing the seller included Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Michael Kavanagh. 

“We are seeing transactions that represent good long-term opportunities in strong markets still closing given today’s current environment,” Cruz said.