MINNEAPOLIS – JLL Capital Markets announced today that it has closed the sale of Urbana Court, a 207-unit, multi-housing community located in the heart of the Twin Cities medical alley in Brooklyn Park, Minnesota.

JLL worked on behalf of the seller, Trident Development, LLC, and buyer, Turner Impact Capital, a leading real estate investment firm dedicated to social impact, acquiring the asset for Turner Multifamily Impact Fund II.

Completed in 2021, Urbana Court’s studio, one- and two-bedroom units feature full-size washers and dryers, stainless steel appliances, granite countertops and an average size of 877 square feet. The best-in-class community amenities include a pool and pool house, 24-hour fitness center, pickleball courts, private dog park, expansive parking and outdoor pergolas.

Situated at 5401 94th Ave N., the property is located along the rapidly growing 610 Corridor. The area is home to Target's expansive 333-acre northern campus, Medtronic, Olympus, Tesla and many more employers. To the north of the property is the brand new 610 Surgery Center, as well as Rasmussen College, which focuses on teaching future nurses, surgical techs and physical therapists. The location also offers residents immediate access to both Minneapolis and St. Paul, in addition to the corporate headquarters of 16 Fortune 500 companies within a 45-minute drive.  

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Dan Linnell, Mox Gunderson, Josh Talberg and Senior Director Adam Haydon.

“The Highway 610 Corridor in Brooklyn Park has seen explosive job growth and investment since its connection to I-94 westbound in 2017,” said Linnell. “Trident seized this opportunity and began developing in the area back in 2017, most recently starting construction on Urbana Court Apartments in 2019 and completing the asset in 2021. JLL had the opportunity to work with them on the initial construction financing, as well as the ultimate sale four years later. Trident focuses on developing attainable luxury multi-housing projects surrounding the Twin Cities.”

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 sales and 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.

BOSTON  – JLL Capital Markets announced today that it has closed the $29.15 million sale of and arranged the $18.288 million in first mortgage acquisition financing for Chases Ocean Grove, a 19.2-acre piece of land that is encumbered by 277 individual ground leases improved with seasonal cottages located within Cape Cod in Dennisport, Massachusetts.

JLL represented the seller, Chases Ocean Grove, and procured the buyer, Old Wharf Dennis LLC. Additionally, JLL and Faros Properties worked on behalf of the new owner to secure the five-year, fixed-rate loan through Webster Five Cents Savings Bank.

Situated at 217, 218, 220, 230, and 241 Old Wharf Rd., the property offers 1,000 feet of beach front access along Nantucket Sound on the south side of Cape Cod. The property is in Dennisport off of Route 28, providing easy access to other locations on Cape Cod. Dennisport is a census-designated place (CDP) within the town of Dennis, a village located in Barnstable County. It shares a western border with West Dennis, and West Harwich lies directly to Dennisport’s east. Route 6, the Cape’s main throughway, is just a short distance away. The property is strategically located amongst many key amenities, including a Shaw’s, a Library, Cape Cod Hospital, Handkerchief Way Beach and Haigis Beach.

The JLL Capital Markets Investment Sales and Advisory Team was led by Managing Directors Martha Nay and Alan Suzuki, Senior Director Matt Enright and Director Kellie Coveney. The JLL Capital Markets Debt Advisory team was led by Senior Director Jonathan Schneider.

“This trade is a strong example of a buyer who recognizes the specialness of Chases Ocean Grove,” Nay said. “The seller has taken great care of the asset, fostering community over many decades. The buyer saw how unique the asset was and jumped at the opportunity to be a part of this irreplaceable asset.  We are grateful the buyer trusted JLL with this incredible asset and transaction.”

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 sales and 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 ore news, videos and research resources on JLL, please visit our newsroom.

NEW YORK – JLL’s Capital Markets group announced today that it has arranged a $350 million debt and equity capitalization for the development of The Italic, a to-be-built, 363-unit, luxury mixed-use community located at 26-32 Jackson Ave. in Long Island City. The property will include 283,000 square feet of residential space and 10,000 square feet of commercial retail space.

JLL exclusively represented the borrower, American Lions, a joint venture between Fetner Properties and the Lions Group, to secure the loan. JLL also arranged the joint venture equity.

Upon completion, the property will feature 254 (70%) market rate units and 109 (30%) affordable units. The unit mix will comprise studio, one-, two- and three-bedroom floorplans averaging 770 square feet. The amenity offering will include a fitness center, two-bay golf simulator and lounge, basketball court, resident lounge, co-working space and a rooftop terrace. The building will feature an embedded touchless SALTO ecosystem and its own owner-provided commercial-grade Wi-Fi network throughout the building.

Situated at the intersection of Court Square and Queens Plaza, 26-32 Jackson Ave. neighbors burgeoning dining and retail along the Jackson Avenue retail corridor. The project is within walking distance of the Queens Plaza, Queensboro Plaza, Court Square and Court Square-23rd Street subway stations, providing direct access into Manhattan, as well as the outer boroughs. Nearby greenspaces include MoMa PS1, Gantry State Park, Sven Park and Queensbridge Park. Additionally, residents will benefit from the 11.7 million square feet of office space within the Long Island City market.

JLL’s Capital Markets Debt Advisory team was led by Senior Managing Director Christopher Peck and Director Alex Staikos. Senior Managing Director Rob Hinckley, Senior Director Steven Rutman and Director Nicco Lupo led JLL’s Capital Markets Equity Advisory team.

“We are thrilled to work with these experienced New York City real estate developers to bring much-needed mixed-income housing to one of the city’s most popular neighborhoods,” said Rutman. 

“With the backing of strong capital partners, 26-32 Jackson Ave. promises to be a dynamic new addition to a neighborhood that has become one of the most popular in the city thanks to its diverse retail, recreation and living options and easy commute to Manhattan,” added Lupo.

JLL’s Capital Markets group 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.

NEW YORK – JLL’s Capital Markets group announced today that it has arranged a $350 million debt and equity capitalization for the development of The Italic, a to-be-built, 363-unit, luxury mixed-use community located at 26-32 Jackson Ave. in Long Island City. The property will include 283,000 square feet of residential space and 10,000 square feet of commercial retail space.

JLL exclusively represented the borrower, American Lions, a joint venture between Fetner Properties and the Lions Group, to secure the loan. JLL also arranged the joint venture equity.

Upon completion, the property will feature 254 (70%) market rate units and 109 (30%) affordable units. The unit mix will comprise studio, one-, two- and three-bedroom floorplans averaging 770 square feet. The amenity offering will include a fitness center, two-bay golf simulator and lounge, basketball court, resident lounge, co-working space and a rooftop terrace. The building will feature an embedded touchless SALTO ecosystem and its own owner-provided commercial-grade Wi-Fi network throughout the building.

Situated at the intersection of Court Square and Queens Plaza, 26-32 Jackson Ave. neighbors burgeoning dining and retail along the Jackson Avenue retail corridor. The project is within walking distance of the Queens Plaza, Queensboro Plaza, Court Square and Court Square-23rd Street subway stations, providing direct access into Manhattan, as well as the outer boroughs. Nearby greenspaces include MoMa PS1, Gantry State Park, Sven Park and Queensbridge Park. Additionally, residents will benefit from the 11.7 million square feet of office space within the Long Island City market.

JLL’s Capital Markets Debt Advisory team was led by Senior Managing Director Christopher Peck and Director Alex Staikos. Senior Managing Director Rob Hinckley, Senior Director Steven Rutman and Director Nicco Lupo led JLL’s Capital Markets Equity Advisory team.

“We are thrilled to work with these experienced New York City real estate developers to bring much-needed mixed-income housing to one of the city’s most popular neighborhoods,” said Rutman. 

“With the backing of strong capital partners, 26-32 Jackson Ave. promises to be a dynamic new addition to a neighborhood that has become one of the most popular in the city thanks to its diverse retail, recreation and living options and easy commute to Manhattan,” added Lupo.

JLL’s Capital Markets group 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.

MIAMI, May 17, 2023 – JLL Capital Markets announced today that it has arranged the recapitalization of Landmark South, a 631-unit, mid-rise multi-housing community in Doral, Florida.

JLL worked on behalf of the borrower, JSB Capital Group, to secure the five-year, $154.1 million senior loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.

JLL simultaneously arranged a $65.8 million preferred equity investment from Pensam.

Built across two phases in 2017 and 2021, Landmark South features units with terraces, courtyard views, stainless steel appliances, in-unit washers and dryers, European-style cabinetry, walk-in closets and an average size of 1,017 square feet. Community amenities include, grilling stations in outdoor courtyards, fitness centers and more.

The property is located at 6055 NW 105th Ct.

The JLL Capital Markets Advisory team was led by Senior Director Jesse Wright, Managing Director Brian Gaswirth, Managing Director Maurice Habif, Senior Director Simon Banke and Senior Director Ted Taylor.

According to Wright and Gaswirth, “The borrower was able to take advantage of a highly competitive preferred equity market alongside strong senior financing from Freddie Mac to significantly lower its cost of capital on this trophy asset. Pensam and Freddie Mac both delivered in the face of significant macro headwinds.”

Hen Shoval, Director of Investments at Pensam, stated, “We have been incredibly active in providing structured finance solutions to complete the capital stack on deals such as Landmark South. The current interest rate environment is leading to compressed senior loan proceeds, which in turn is creating funding gaps that can be addressed with Pensam’s preferred equity or mezzanine debt. Over the past few years, we have closed well over one hundred transactions of this kind and are therefore experienced to navigate through complex transactions in compressed timeframes.”

Pensam is a Miami-based multifamily real estate investment platform that has invested in $7.5 billion across its platform and in across 50,000 apartment units in 28 states. The firm focuses on the multifamily sector by making direct equity investments and by delivering structured finance capital solutions, such as bridge loans, preferred equity, and mezzanine debt, to other sponsors.

“Working closely with Pensam and JLL provided us unique visibility into the professionalism and smarts of these two organizations,” said Jared Frydman, JSB Senior Managing Director and Head of its Miami office. “This was not a transaction short on complexity or volatility.  We raise our hands in tribute to Pensam and JLL for closing this deal so quickly and forthrightly.  Landmark South is a jewel in the constellation of Doral, and JSB looks forward to helping it shine even more brightly in the years ahead.”

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

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 sales and 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.