SAN FRANCISCO – JLL Capital Markets announced today that it has arranged the $345 million refinancing for Miro, a Class A, two-tower, 630-unit, high-rise multi-housing community located in downtown San Jose, California.

JLL represented the borrower, Bayview Development Group, to secure financing through Pacific Life.

The bold and modern designed two-tower 28-story Miro features studio-, one- and two-bedroom units averaging 933 square feet with floor-to-ceiling windows, contemporary Italian cabinetry and gracious balconies. Differentiating community amenities include nearly an acre of outdoor space, a pool and fitness deck, two rooftop sky lounges and a private art gallery. The ground floor of the tallest building in San Jose features a Starbucks and future full-service Italian restaurant and bar by Vine Hospitality.

According to Bayview Development Group, “This exceptional JLL team executed on both a challenging construction loan due to the pioneering nature of this project and this more recent permanent financing, in an unusually volatile market. We received a great pairing with Pacific Life, and we’re excited to embark on this new relationship.”

The JLL Capital Markets Debt Advisory team representing the borrower was led by Charles Halladay, Brandon Roth, Lillian Roos, Spencer Bergthold and Elijah Lax.

“There was an incredible amount of enthusiasm from lenders for this property, and Pacific Life was willing to provide long-term, fixed-rate financing while Miro is still in lease-up,” said Roth. “In turbulent times, there’s always a flight to quality, and Miro is the highest quality apartment community ever built in San Jose.”

BOSTON –  JLL Capital Markets announced today that Managing Director Martha Nay has been appointed to lead its newly formed multi-housing investment sales advisory team in its Boston office.

Nay will work with Director Kellie Coveney to provide investment sales advisory services for multi-housing clients in the Boston market. In an environment where it is critical to provide integrated solutions to clients, Nay and Coveney will work closely with Director Jacqueline Meagher, who specializes in multi-housing debt and equity advisory. The trio is the only all-female multi-housing brokerage team in the Boston market.

“The greater Boston market is as resilient and in-demand as ever,” said Nay. “The connectivity and access to real-time transaction information that the JLL platform offers will enable our team to continue to provide seamless deal execution to our clients. I look forward to continuing to expand the JLL brand in Boston, collaborating closely with Jackie and our multi-housing finance specialists to provide clients access to capital of all types.”

Nay, Coveney and Meagher all joined JLL as part of the HFF acquisition in 2019. Together, the team brings in almost 30 years of experience in commercial real estate. Collectively, they have been involved in more than $6 billion dollars of commercial real estate transactions.

The new team has formed to meet the increasing need for capital solutions within the Boston multi-housing sector. According to JLL Research, Boston multi-housing demand is largely impacted by the region’s diverse and cycle-resistant employment base. Most notably, the explosive growth in Boston’s technology and life science industries, which received record venture capital funding in 2021, is driving this need for housing. Additionally, transaction volume in the area hit an all-time high in 2021, reaching over $4 billion in multi-housing sales activity.

“We are thrilled to have both Martha and Kellie form our new multi-housing investment sales advisory team in a fast-growing and dynamic market like Boston,” said Executive Managing Director and Investment Sales and Advisory Platform Leader, Matthew Lawton.

“Martha has been providing best-in-class service to our clients for years, and her leadership will be greatly valued by our current and future clients,” said Senior Managing Director Chris Angelone, who serves as co-head of the Boston office. “We are excited for the value proposition of our integrated multi-housing team and plan to serve as a meaningful player in the market with the support of our platform both locally and nationally.”

MORRISTOWN, NJ – JLL Capital Markets announced today that it has arranged the $87.1 million financing of Valley and Bloom, a two-building, 258-unit, mixed-use multi-housing community in Montclair, New Jersey. In addition to the residential units, the property also includes 19,812 square feet of office space, 19,921 square feet of retail space and an attached parking garage.

JLL worked on behalf of the borrower, a joint venture between LCOR, Inc. and Madison International Realty, to secure a seven-year, floating-rate loan through PGIM Real Estate, the $209.3 billion real estate business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU), on behalf of its core strategy.

The six-story Valley and Bloom consists of studio, one-, two- and three-bedroom units with hardwood flooring, Caesarstone countertops, center islands, full-size washers and dryers, stainless steel appliances, tile flooring in bathrooms and 9.5-foot ceiling heights. The property’s amenity package includes two fitness centers, two rooftop terraces with barbecue grills, two courtyard lounge areas with fire pits, a resident lounge/club room, a Click Café, a children’s playroom and indoor bicycle storage. The ground floor office space is currently leased to Regus Corporation and Sotheby’s International Realty. The retail space consists of a mix of tenants, including Cycle Bar, Hand and Stone, Pure Barre, Row House, Amazing Lash, Waxing the City, AT&T and Sayola Restaurant.

At 34 Valley Rd., Valley and Bloom is conveniently situated in the main business district of the Township. The community is located within one mile of two NJ Transit commuter rail stations, Walnut Street Station and Bay Street Station, with direct service to Midtown Manhattan, and is proximate to the Garden State Parkway, Route 23, Interstate 280 and Interstate 80. The property is also near Montclair State University, Hackensack Meridian Health Mountainside, Nishuane Park and Eagle Rock Reservation.

The JLL Capital Markets Debt and Equity Advisory team representing the borrower was led by Senior Managing Directors Jim Cadranell and Jon Mikula and Vice President Michael Lachs.

“Valley and Bloom is a best-in-class asset that has performed extremely well.  It was a pleasure to work with LCOR, Madison, and PGIM on this transaction,” stated Cadranell.

“Demand is strong for new luxury multi-housing in transit-oriented communities,” added Mikula.

“We are pleased to complete this transaction in partnership with JLL,” said Justin Levitt, Executive Director of Financing at PGIM Real Estate, who led the transaction on behalf of the firm. “Multifamily continues to be a favored asset class and Valley and Bloom is a top asset for tenants and investors alike.”

MIAMI, FL – JLL Capital Markets announced today that it has closed $51.25 million in acquisition financing for a three-property multi-housing portfolio in Gainesville, Florida.

JLL represented the borrower, American Commercial Realty Corp., to secure the three-year loan through Trez Capital, one of Canada’s largest non-bank commercial real estate lenders that is helping to build better communities across North America.

The portfolio consists of the 146-unit Cazabella Apartments, the 128-unit Camelot Apartments and the 56-unit Village 34 Apartments. The three garden-style communities feature a mix of one-, two- and three-bedroom floorplans with an average unit size of 874 square feet.

The communities are located at 720 SW 34th St., 3425 SW 2nd Ave. and 328 SW 34th St, just south of the major intersection of West University Avenue and 34th Street. The properties are less than one mile from The University of Florida, which is academically ranked the fifth public university in the U.S. with an enrollment of 58,596 as of Spring 2022. Additionally, the portfolio is near Butler Plaza, the largest power center in Florida, and Celebration Pointe, a one-million-square-foot, mixed-use center.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Elliott Throne and Director Kenny Cutler.

“American Commercial Realty purchased a portfolio in a fantastic location in Gainesville, just across 34th street from the University of Florida-owned golf course” stated Cutler. “This financing will contribute to their tremendous success improving the properties and implementing their vision as they have done on a number of similar assets in the Gainesville market.”

“We are pleased to provide financing for the three-property multi-housing portfolio in Gainesville, Florida,” said Gavin Elwes, Managing Director, Origination of Trez Capital. “The demand for units in Florida, especially in the Gainesville area, continues to be very strong. The fully renovated project will provide much needed housing in a growing community.”

MORRISTOWN, NJ – JLL Capital Markets announced today that it has arranged the $87.1 million financing of Valley and Bloom, a two-building, 258-unit, mixed-use multi-housing community in Montclair, New Jersey. In addition to the residential units, the property also includes 19,812 square feet of office space, 19,921 square feet of retail space and an attached parking garage.

JLL worked on behalf of the borrower, a joint venture between LCOR, Inc. and Madison International Realty, to secure a seven-year, floating-rate loan through PGIM Real Estate, the $209.3 billion real estate business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU), on behalf of its core strategy.

The six-story Valley and Bloom consists of studio, one-, two- and three-bedroom units with hardwood flooring, Caesarstone countertops, center islands, full-size washers and dryers, stainless steel appliances, tile flooring in bathrooms and 9.5-foot ceiling heights. The property’s amenity package includes two fitness centers, two rooftop terraces with barbecue grills, two courtyard lounge areas with fire pits, a resident lounge/club room, a Click Café, a children’s playroom and indoor bicycle storage. The ground floor office space is currently leased to Regus Corporation and Sotheby’s International Realty. The retail space consists of a mix of tenants, including Cycle Bar, Hand and Stone, Pure Barre, Row House, Amazing Lash, Waxing the City, AT&T and Sayola Restaurant.

At 34 Valley Rd., Valley and Bloom is conveniently situated in the main business district of the Township. The community is located within one mile of two NJ Transit commuter rail stations, Walnut Street Station and Bay Street Station, with direct service to Midtown Manhattan, and is proximate to the Garden State Parkway, Route 23, Interstate 280 and Interstate 80. The property is also near Montclair State University, Hackensack Meridian Health Mountainside, Nishuane Park and Eagle Rock Reservation.

The JLL Capital Markets Debt and Equity Advisory team representing the borrower was led by Senior Managing Directors Jim Cadranell and Jon Mikula and Vice President Michael Lachs.

“Valley and Bloom is a best-in-class asset that has performed extremely well.  It was a pleasure to work with LCOR, Madison, and PGIM on this transaction,” stated Cadranell.

“Demand is strong for new luxury multi-housing in transit-oriented communities,” added Mikula.

“We are pleased to complete this transaction in partnership with JLL,” said Justin Levitt, Executive Director of Financing at PGIM Real Estate, who led the transaction on behalf of the firm. “Multifamily continues to be a favored asset class and Valley and Bloom is a top asset for tenants and investors alike.”

CHARLOTTE, NC – JLL Capital Markets announced that it has arranged $28 million in equity and arranged a $65.2 million construction loan for The Joinery Phase II, a two-building, 361-unit, mid-rise multi-housing development with 17,384 square feet of ground-floor retail in Charlotte, North Carolina.

JLL worked on behalf of the sponsors, Space Craft and Swinerton, to arrange equity on CrowdStreet, the leading online real estate investing platform. Over 480 individual investors on CrowdStreet participated in the equity offering. JLL also worked on behalf of the sponsors to secure the construction loan through Benefit Street Partners.

“The Joinery Phase II swiftly hit the fundraising goal in less than two days, with investors offering more than the $28 million that was needed to fully fund the project,” said Jesse Maas, Managing Director of CrowdStreet. “The success of the equity offering signals the enthusiasm and growing momentum around Space Craft’s concept: mixed-use buildings designed for density and walkability that create more vibrant neighborhoods. The project taps into a high demand for housing that reflects the changing preferences and needs of Charlotte residents.”

“Charlotte overall has tremendous growth potential,” Maas said. “Phase I of this project already has demonstrated success, and demand appears strong for Phase II. The residential and retail development is transit-oriented, located in a highly desirable submarket. The strong partnership between Space Craft and Swinerton brings to bear the best of local development capability with national construction industry expertise. Coupled with a favorable land basis, many investors on CrowdStreet found the opportunity very attractive.”

“We are thrilled for the support we have received from investors and grateful for a rewarding partnership with JLL Capital Markets” said Harrison Tucker, CEO and Co-founder of Space Craft. “This funding will allow us to advance our vision to build vibrant, open, walkable communities that redefine the urban landscape of Charlotte, while setting the foundation to grow pedestrian-friendly development across regions.”

With a completion date of 2023, The Joinery Phase II will feature studio, one-, two- and three-bedroom units with exposed wood ceilings, laminate hardwood floors, quartz countertops, stainless steel appliances, extensive window coverage and an average size of 629 square feet. Community amenities include street-facing retail, rooftop patio with views of uptown, courtyard with native planting, fitness room in each building, coworking space with coffee/breakfast nook and electric car share and e-bike share dedicated for resident use. The retail floor will offer a unique mix of boutiques, coffee shops, neighborhood services and local businesses.

Located at 1816 N. Brevard St. and 420 E. 22nd St., the property is situated between the Optimist Park and NoDa submarkets, more broadly known as the Mill District. The Mill District neighborhood will offer residents of the community convenient walkability to numerous shops and dining options, including Optimist Hall and Lintmen's Dining Hall. The community is also one block from Charlotte's Lynx Blue Line Parkwood station, providing easy travel via the light rail to the job opportunities and entertainment in Uptown and South End.

The Charlotte market is 15th overall and 12th for multi-housing investment on CrowdStreet’s “Best Places to Invest in 2022” ranking for private equity real estate in the U.S.

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Travis Anderson, Managing Director Cory Fowler, Director Warren Johnson and Analyst Ryan Pride.

“The borrower has designed a product that will truly differentiate itself within the Charlotte market and will be an excellent complement to Joinery Phase I,” Fowler said. “Space Craft has done a phenomenal job of putting together a business plan that is thoughtful, creative and caters to the growing demand of technology-based renters. Furthermore, the project’s location adjacent to the Parkwood station will provide tenants a transit-oriented home with access to some of the largest and fastest growing employment bases in the MSA.”