SAN FRANCISCO – JLL announced today that it has raised capital totaling $335.6 million for the development of Gateway at Millbrae Station, a transit-oriented, mixed-use residential and office property adjacent to the Millbrae BART and Caltrain Stations in Millbrae, California.

JLL worked on behalf of the developer, Republic Urban Properties LLC, to arrange joint venture equity from Principal Real Estate Investors and a floating-rate construction loan through U.S. Bank.

Gateway at Millbrae Station is fully entitled to include 320 apartment homes and 157,000 square feet of Class A office space in a six-story building with podium-style parking. The property will also include a combined 36,000 square feet of ground-floor retail and 645 parking spaces. The residential component will offer a mix of studio, one-, two- and three-bedroom homes. The project is due for completion in summer 2022.

The JLL Capital Markets equity and debt placement team included Scott Bales, Brandon Roth, Peter Yorck and Nolan Moore.

“Gateway at Millbrae Station is one of the top transit-oriented development opportunities on the West Coast,” Roth said. “It’s the only transit center in the entire Bay Area that includes both BART and Caltrain stops, providing quick train rides to the top employment centers in Silicon Valley and San Francisco, as well as San Francisco International Airport.”

NEW YORK – JLL announced today it has secured capital totaling $77.75 million for the development of Vinty, a mixed-use project with 267 residential units and 37,000 square feet of ground-floor retail and office in West Elizabeth, New Jersey.

JLL worked on behalf of LeCesse Development Corp. and MAS Development Group to secure a $55 million construction loan through Citizens Bank and Lakeland Bank and preferred equity from Marble Capital, LP.

Vinty will be situated on a 2.48-acre site at the corner of Union and W. Grand Streets across the street from the Elizabeth NJ Transit Station. The project will consist of four stories of residential units with 25 studio, 175 one-bedroom and 67 two-bedroom floor plans above 37,000 square feet of retail and office space and a 274-space parking garage. The community’s amenity package will include a fitness center, yoga/cycling studio, virtual golf simulator, resort-style pool with hot tub and cabana seating, outdoor summer kitchen with grills, community lounge and entertainment room, dog park, resident greenhouse, outdoor theater and package concierge system. Home interiors will include high-end finishes such as quartz countertops, stainless steel appliances, modern cabinetry, undermount sinks, smart home features, in-unit washers and dryers, plank flooring and walk-in closets. The project is due for completion in first quarter 2021.

The JLL Capital Markets team representing the developer included Managing Directors Jeff Julien, Rob Hinckley, Michael Klein, Steven Klein and Director Mark Mahasky.

“JLL is pleased to have been able to secure construction financing on behalf of LeCesse Development and MAS Development,” Steven Klein said. “Upon completion, this project and the future phases that the borrower has in its pipeline are going to transform the rental market at the Elizabeth Train Station.”

“Both banks quickly understood the strength of the market, depth of the unit and community amenities that will be developed and the appeal of the site’s location steps from the train to Newark Liberty Airport, Newark Penn Station and the PATH to New York City,” Michael Klein added. “These factors will draw renters to Vinty for years to come.”

“Vinty will be a transformative project and the market recognized this was a special development plan, curated over many years by MAS Development and LeCesse Development Corp,” Jeff Julien added.

NEW YORK — JLL Capital Markets experts has been selected by Delshah Capital LLC to market 321 Lenox Avenue, also known as 101 West 126th Street, in New York City’s Harlem neighborhood. The six-story building features 32 residential units and one commercial unit and is located within an opportunity zone. Delshah Capital is currently accepting proposals.

The 23,746-square-foot property features 32 residential units and one commercial unit. The building’s current retail tenant is the Corner Social Bar & Restaurant, one of Harlem’s most popular gathering places since its opening in 2011. 

Following a substantial rehabilitation of the property in 1986, all of the apartments were fully deregulated and are currently on fair market leases. The apartment building’s boiler, electrical system, elevator and roof all underwent recent upgrades, and the building is sub-metered for both gas and electric. 

321 Lenox Avenue is near a variety of excellent transportation options, with immediate access to the 2/3 express subway station. The area is a culinary destination, and Harlem is home to some of New York’s best historic architecture and cultural institutions. 

The JLL professionals overseeing the sale assignment include Managing Directors Hall Oster and Paul Smadbeck, Vice Presidents Teddy Galligan and Conrad Martin, and Associate Braedon Gait.

“321 Lenox Avenue is a 100%, free-market property, with 143 feet of wrap-around corner frontage and tremendous light and air,” Oster said. “Given the ridership at the 2/3 express subway station, the bustling nature of Harlem’s 125th Street submarket, and the neighborhood’s close proximity to the Lenox Avenue retail corridor, the rental market surrounding 321 Lenox Avenue is poised for increased demand as the rental market matures.” 

TAMPA, FLA. – JLL announced today that it has closed the sale of 883 units within Grande Oasis at Carrollwood, a 1000-unit, garden-style condominium community centrally located in Tampa’s Carrollwood submarket.

JLL marketed the property exclusively on behalf of the seller, Crescent Real Estate LLC. West Shore LLC purchased the asset free and clear of existing financing.

Grande Oasis at Carrollwood is situated on 58.52 acres at 3516 Grand Cayman Drive approximately eight miles northwest of the Tampa CBD within a prime infill, supply-constrained location convenient to multiple demand drivers and robust retail offerings. Originally constructed in 1991 by Post Properties, the property offers a resort setting with three swimming pools, large fitness center, multiple tennis courts, and a one-mile walking trail surrounding a natural, seven-acre lake. The property is 95.6% occupied.

The JLL Capital Markets team representing the seller included Senior Managing Director Matt Mitchell, Senior Director Zach Nolan, Associate Drew Jennewein and Analyst Jarrod Smith.

DENVER – JLL announced today that it has arranged $36 million in acquisition financing for The Reserve at Ridgewood, a 269-unit, garden-style apartment community in the Atlanta suburb of Sandy Springs, Georgia.

JLL worked on behalf of the borrower, Resolute Real Estate, to place the 12-year, fixed-rate loan with three years of interest-only payments with a correspondent lender.

The Reserve at Ridgewood consists of one-, two- and three-bedroom apartments ranging from 854 to 1,530 square feet. All homes feature stainless steel appliances, full-size washers and dryers, screened-in patios and balconies and wood burning fireplaces. Community amenities include a resort-style pool, expansive sundeck with cabanas, tennis court, playgrounds and a 24-hour fitness center that extends into an outdoor fitness area. The Reserve at Ridgewood is located at 7100 Roswell Road approximately 15 minutes north of downtown Atlanta near the shoreline of the Chattahoochee River. The suburban location positions residents near major employers, including the recently opened Mercedes-Benz USA Headquarters, as well as dining, retail and outdoor recreation amenities. The property is 94% occupied.

The JLL Capital Markets team representing the borrower was led by Senior Director Kristian Lichtenfels, Senior Managing Director Eric Tupler and Director Ware Shipman.