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DALLAS – JLL announced today that it has arranged financing for Archway Equities’ acquisition of six Class B multi-housing assets totaling 1,456 units in multiple states.
JLL worked on behalf of the borrower, Archway Equities LLC, an affiliated entity of Archway Holdings Corp., to secure the Freddie Mac financing, which will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. The portfolio has an average construction date of the mid-1980’s and totals 1.14 million rentable square feet.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Andy Scott and Director Michael Cosby.
DALLAS – JLL Capital Markets announced today that it has arranged $35.5 million in financing for The Jax, a 322-unit multi-housing property in Northwest San Antonio.
JLL worked on behalf of the borrower, Casoro Group, to secure the five-year, floating-rate acquisition loan through Nexbank.
The Jax is a recently renovated garden-style community located at 12222 Vance Jackson Road near some of San Antonio’s best retail, dining and entertainment at Huebner Oaks Shopping Center and The Shops at La Cantera. The property is ideal for working professionals and students alike given its proximity to the USAA Headquarters, South Texas Medical Center and the University of Texas at San Antonio (UTSA). Units include a mix of one-, two- and three-bedroom floor plans ranging from 692 to 1,545 square feet. Community amenities include a swimming pool, lush courtyards with barbecue grills, children’s play area, 24-hour fitness center, clubhouse and business center.
The JLL Capital Markets team representing the borrower was led by Managing Director Mark Brandenburg.
BOSTON – JLL Capital Markets announced today that it has arranged a $6 million construction loan for the development of 80 Terrace Street, a nine-unit, boutique, for-sale condominium building in the Mission Hill neighborhood of Boston.
JLL worked on behalf of the developer, Primary Development, to secure the floating-rate construction loan through Centreville Bank.
80 Terrace Street will feature 21,000 gross square feet, including nine two-bedroom/two-bathroom for-sale condominium units, one commercial unit and nine parking spaces. The Mission Hill area is a rapidly developing area of the Boston Metro catering to high-earning professionals located within walking distance to the Longwood Medical area and an 18-minute commute into downtown Boston. The project, which is due for completion in the first quarter of 2021, will feature distinctive architecture with plentiful windows and energy-saving finishes. The property will include a secured parking garage with all spaces equipped with electric car charging ports. Units will feature 10-foot ceilings throughout, high-quality casement windows, premium appliances and finishes, elevator access and a shared roof deck with a green roof. The commercial component can be divided into six office studios connected to a common kitchenette area.
The JLL Capital Markets team representing the borrower was led by Directors Martha Nay and Michael Johnson. Vice President of Commercial Lending Craig Schermerhorn represented Centreville Bank.
NEW YORK – JLL Capital Markets arranged a $63.6 million loan to refinance The Umbrella Factory at 722 Metropolitan Avenue, a mixed-use condominium and retail development in the Williamsburg neighborhood of Brooklyn, New York. The group worked on behalf of Local Capital Group LLC and SL Development LLC to place the loan with an affiliate of LibreMax Capital, LLC.
The seven-story property, named The Umbrella Factory in homage to its former use, totals 65,288 square feet and offers 69 condominium units and 3,970 square feet of ground-floor retail space. The development team acquired the former Embee Sunshade Co. factory in 2017. The firm launched a redevelopment of the pre-war building, adding four floors to the original three-story structure and converting it into a condominium with retail space on the ground floor. Construction on the property is slated to be completed in August 2020.
Each condo unit will feature unique finishes such as domestically sourced heavy timber exposed posts and beams that incorporate the aesthetic appeal of the factory’s rich history. Amenities at the elevator building include basement storage, a bike room, fitness center, laundry room, 17-car parking garage, outdoor entertainment space, roof deck and terraces/balconies.
The property is located on Metropolitan Avenue between Manhattan and Graham Avenues in Williamsburg. It offers unmatched accessibility to New York City in under 10 minutes. The L Train entrance at Graham Avenue under a one-minute walk from the building and the G Train is a four-minute walk.
The JLL Capital Markets professionals handling the refinancing include Managing Director Christopher Peck, Senior Director Peter Rotchford, Associate Kristen Knapp and Analyst Rob Root.
“Williamsburg’s condo market is one of the best performing and fastest growing in New York City, given its superior transportation accessibility and neighborhood amenities,” said Peck. “Condominiums in the area continue to thrive, outperforming the overall Brooklyn market by a wide margin.”
CHICAGO – JLL Capital Markets announced today that it has arranged joint venture equity and financing for Marq on Main, a newly built, fully amenitized, boutique apartment asset in the affluent Chicago suburb of Lisle, Illinois.
JLL worked on behalf of Marquette Companies to arrange a joint venture equity partnership with Principal Real Estate Investors. In addition, the team worked on behalf of the new partners to place a fixed-rate loan with a correspondent life company lender.
Marq on Main comprises a mix of 202 condo-quality one- and two-bedroom units averaging 816 square feet as well as 13,433 square feet of ground-floor retail space set on an exquisitely conceived streetscape. Located at 4755 Main Street, the property delivers an unmatched level of in-home finishes and property amenities for the submarket, including quartz countertops, stainless steel appliances, wood-style flooring, state-of-the-art clubroom, 2,500-square-foot fitness facility, resort-style pool, tech lounge and a 237-stall heated underground parking garage with electric car charging stations. Completed earlier this year, the transit-oriented property is steps from the Lisle Metra Station and near Interstates 55, 88 and 355, which provides accessibility around the Chicago Metro.
The JLL Capital Markets team representing the Marquette Companies and the newly formed joint venture was led by Managing Director Matthew Schoenfeldt.
WASHINGTON D.C. – JLL Capital Markets announces it has arranged $62 million in financing for The Daley at Shady Grove, a 333-unit multi-housing community with nearly 15,000 square feet of ground-floor retail located in Rockville, Maryland.
JLL worked exclusively on behalf of Black Creek Group, a Denver-based real estate investment manager and development firm, to place the seven-year, fixed-rate loan with a life company lender. The loan features interest-only payments for half of the term and a 3.20% rate.
The Daley at Shady Grove is located at 8010 Gramercy Boulevard within EYA’s Westside at Shady Grove master-planned community, which is less than a two-minute walk to the Shady Grove Metro Station. Completed in 2017, units average 831 square feet and feature stainless steel appliances, wood-style flooring, walk-in closets, full-size washers and dryers and keyless entry. Community amenities include a resort-style pool, grilling station and 1,750-square-foot fitness center with multi-functional training system. The property’s 14,974 square feet of retail space is anchored by Starbucks.
The JLL Capital Markets team representing the borrower was led by Senior Director Jamie Leachman, Senior Managing Director Eric Tupler and Managing Director Josh Simon.