MORRISTOWN, N.J. – JLL announced today that it has arranged acquisition financing for The Peaks of Nanuet, a 504-unit apartment complex in the suburb of Nanuet, Rockland County, New York.

JLL worked exclusively on behalf of Mill Creek Residential Trust LLC and an institutional equity partner to arrange the 10-year, floating-rate acquisition loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. JLL also brokered the sale of the property to Mill Creek Residential, details of which were released in a separate announcement.

The Peaks of Nanuet consists 504 units across 64 buildings set on 54 acres that comprise a mix of one-, two- and three-bedroom units averaging 1,208 square feet, with approximately 40% of homes also inclusive of lofts. Units feature nine-foot ceilings, intrusion alarms, separate dining rooms, spacious closets, full-sized washers and dryers, and patios or balconies. The transit-oriented property is located at 100 Avalon Gardens Drive less than a mile from the intersection of the Garden State Parkway, Interstate 287 and Palisades Interstate Parkway. Due to its central location, The Peaks of Nanuet is convenient to Manhattan, the New Jersey state line and Westchester County via car and a variety of mass transit options. Community amenities include a fully equipped fitness center and a resident lounge. The property was 95% occupied at closing.

The JLL Capital Markets debt placement team representing the borrower included Senior Managing Director Andy Scott and Directors Matthew Pizzolato and Scott Findlay.

“JLL was excited to be a part of this transaction by advising the borrowers on their acquisition of The Peaks at Nanuet,” Pizzolato said. “We were able to get Freddie Mac to step up and provide excellent terms that will allow the borrower to execute their business plan at the property.”

DENVER – JLL announced today that it has arranged $40.27 million in financing for Palisade Park, a 216-unit, garden-style apartment community in the north Denver suburb of Broomfield, Colorado.

JLL worked exclusively on behalf of Jeffrey Sanders of Boulder, Colorado-based Mountain View Capital, LLC to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds refinanced an existing Freddie Mac loan originated in 2018.

Completed in 2017, Palisade Park is fully stabilized and comprises one-, two- and three-bedroom units ranging from 731 to 1,247 square feet. The property is located at 16815 Huron Street, which allows for easy access to employment centers and recreational destinations in and around Denver and Boulder. The property encompasses 14,500 square feet of indoor and outdoor amenity space featuring a beach-style pool with sundeck and spa; pergola with gas grills and fire pit; 24-hour fitness center; clubhouse with billiards, Wi-Fi lounge, media center and business room; dog wash and dog park; playground; and detached garages.

The JLL Capital Markets team representing the borrower was led by Managing Director Josh Simon.

DALLAS – JLL announced today that it has closed the sale of and arranged financing for The Palace, a 280-unit, garden-style apartment community located in Arlington, Texas.

JLL marketed the property exclusively on behalf of the seller, MBP Capital, Inc., and procured the buyer, Raven Multifamily. Additionally, JLL worked on the new owner’s behalf to secure a 12-year, fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

The Palace is located at 1601 Regency Court with visibility along Pioneer Parkway and Arkansas Lane in the Dallas-Fort Worth area’s Central/South Arlington submarket. Originally constructed in 1971, the 12-building, two-story property has recently undergone major renovations, including new signage, exterior improvements and the addition of numerous common area amenities such as a swimming pool, new leasing/management office and laundry rooms. Other amenities include a courtyard with barbecue grills, large patios and balconies and walk-in closets. The Palace offers seven spacious floor plans averaging 893 square feet, which range from one- to three-bedroom configurations. The property was 96.4% occupied at closing.

The JLL Capital Markets team representing the seller included Vice Presidents Art Barnes and David Godvin and Executive Vice President Jorg Mast.

JLL’s Capital Markets debt placement team representing the new owner included Executive Vice President Deverick Jordan, Vice President Andrew Speer, Manager Clint Hoelscher and Analyst Donovan Collins.

SEATTLE – JLL announced today that it has closed the $98.1 million sale and arranged acquisition financing for Augusta Apartments, a 209-unit apartment community in Seattle, Washington.

JLL marketed the property on behalf of the seller, Vulcan Real Estate, and procured the buyer, a joint venture between Security Properties and STARS REI. In addition, JLL worked on the new owner’s behalf to arrange acquisition financing.

The seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. The property features a variety of shared indoor and outdoor spaces including a roof deck and courtyard, each with adjoining community lounges. Additional amenities include a guest suite, study area, fitness center, dog grooming room and a sports court. Completed in 2017, Augusta was designed by Runberg Architecture Group and constructed by Exxel Pacific, Inc. The project is LEED Platinum-certified.

Augusta Apartments is located at 4041 Roosevelt Way NE within walking distance of the University of Washington campus, Burke Gilman Trail and the new University District light rail station, which will open in 2021 at the corner of 43rd and Brooklyn.

The JLL Capital Markets investment advisory team representing the seller was led by Managing Directors David Young and Corey Marx.

JLL’s Capital Markets debt placement team representing the new owner included Senior Managing Director Charles Halladay and Director Scott Gilson.

“Augusta Apartments’ strategic location near the University of Washington in the heart of Seattle’s start-up and technology hub provides appeal to both students and staff at the University as well as residents seeking proximity to the area’s numerous employers,” Marx said.

MORRISTOWN, N.J. – JLL announced today that it has closed the sale of The Peaks of Nanuet, a 504-unit apartment complex in the suburb of Nanuet, Rockland County, New York.

JLL marketed the property exclusively on behalf of the seller, a joint venture between Harbor Group International, LLC and Azure Partners LLC. Mill Creek Residential Trust LLC and a partner purchased the asset free and clear of existing financing.

The Peaks of Nanuet consists of 64 buildings set on 54 acres that comprise a mix of one-, two- and three-bedroom units averaging 1,208 square feet, with approximately 40% of homes also inclusive of lofts. Units feature intrusion alarms, separate dining rooms, spacious closets, full-sized washers and dryers, and patios or balconies. The transit-oriented property is located at 100 Avalon Gardens Drive less than a mile from the intersection of the Garden State Parkway, Interstate 287 and Palisades Interstate Parkway. Due to its central location, The Peaks of Nanuet is convenient to Manhattan, the New Jersey state line and Westchester County via car and a variety of mass transit options. Community amenities include a large renovated clubhouse, fully equipped fitness center, yoga room, indoor basketball courts, racquetball court, business center and a resident lounge with fireplace. The property was 95% occupied at closing.

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

“The Peaks asset was highly sought after by both institutional and private buyers given the property’s location, surrounding demographics and renovation upside,” Cruz stated. “This sale marks the largest multi-housing trade in Rockland County to date.”

CHICAGO – JLL announced today that it has closed the $17.7 million sale and $12.95 million in acquisition financing for a three-property student housing portfolio totaling 294 beds steps from Missouri State University in Springfield, Missouri.

JLL marketed the portfolio exclusively on behalf of the seller, a joint venture between Miller Commerce and O’Reilly Development Company, LLC. An undisclosed buyer purchased the offering and JLL worked on their behalf to secure three fixed-rate Fannie Mae acquisition loans totaling $12.95 million. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

The three properties in the portfolio are Deep Elm, a 39-unit/116-bed property located at 701 E. Elm Street; The Jefferson, a 30-unit/86-bed property located at 835 S. Jefferson Avenue; and The Q’ube, 29-unit/92-bed located at 634 E. Bear Boulevard. The portfolio is 98% occupied overall and features an average distance to campus of 0.1 miles.

The JLL Capital Markets investment advisory team representing the seller included Directors Scott Clifton and Stewart Hayes and Senior Managing Director Danny Kaufman.

JLL’s Capital Markets debt placement representing the new owner was led by Managing Director Matthew Schoenfeldt and Director Daniel Kearns.