CHICAGO – JLL announced today that it has closed the $25.7 million sale and $20.56 million financing of Central Park and Governor’s House Apartments, two apartment communities totaling 316 units in South Suburban Chicago, Illinois.

JLL marketed the properties on behalf of the seller, a joint venture between Buligo Capital Partners and Ferndale Realty Group. Bender Companies purchased Central Park Apartments for $17.4 million and Governor’s House Apartments for $8.3 million. Additionally, JLL worked on behalf of the buyer to originate the 10-year, fixed-rate acquisition loans of $13.92 million and $6.643 million respectively, through Fannie Mae. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

The portfolio comprises Central Park Apartments, which is located at 11 Fir Street in Park Forest and Governor’s House Apartments, which is located at 871 Burnham Drive in University Park. Both communities are approximately 30 miles south of Downtown Chicago and are convenient to top employers in the I-57-corridor, which houses a high concentration of logistics, technology and manufacturing companies. In addition, the portfolio has convenient access to Downtown Chicago via the local Metra stations as well as two major expressways, Interstate 57 and U.S. 30. The 95%-leased Central Park Apartments offers 220 units in one-, two- and three-bedroom layouts averaging 1,150 square feet each. Governor’s House Apartments, which is 97% leased, has 96 units available in one- or three-bedroom layouts averaging 888 square feet each.   

The JLL Capital Markets team representing the seller was led by Senior Directors David Gaines and Wick Kirby and Directors Mark Barnes and Kevin Girard. 

JLL’s Capital Markets team representing the buyer was led by Managing Director Jason Bond and Senior Director Trent Niederberger.

NEW YORK – JLL announces that it has arranged financing totaling $119 million for 33 West End Apartments and Port 10 Apartments, two mixed-income, high-rise residential properties in prime Manhattan locations.

JLL worked on behalf of the borrower and original developer of the properties, Atlantic Development Group, to originate two fixed-rate, long-term Fannie Mae loans. The loan for 33 West End Apartments totaled $80 million and the loan for Port 10 Apartments totaled $39 million. Both loans will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

33 West End Apartments is a 25-story, 211-unit property on the Upper West Side steps from Lincoln Center and Central Park. The property consists of a mix of affordable and market-rate studio, one-bedroom and two-bedroom units ranging from 426 to 1,182 square feet along with 7,191 square feet of ground-floor retail. Property amenities include 24-hour concierge services, a fitness center, tenant lounge, bus service to the train station, in-unit and ground-floor laundry rooms and an outdoor terrace.

Port 10 Apartments is a 13-story, 89-unit property located on 10th Avenue between West 27th and West 28th Street in Chelsea. Completed in 2010, the building also includes 8,000 square feet of ground-floor retail. The nearly 98% leased building consists of 71 market-rate and 18 affordable units with common area amenities, including a resident lounge, rooftop common area, fitness center and bike storage.

The JLL Affordable Housing Capital Markets team representing the borrower was led by Managing Director C.W. Early.

“These deals presented a multitude of unique challenges for which JLL and Fannie Mae found solutions,” Early said. “We are pleased to have had the opportunity to provide our client with truly customized financing solutions with long-term executions that allow the properties to transition through the 421-A exemption burn-off period while still maintaining historically low interest rates with long-term interest only periods, which will only enhance cash flows.”

"These were complicated transactions that needed an experienced lender with strong agency relationships,” said Peter Fine, CEO of Atlantic Development in New York City. “We couldn't have asked for more from the JLL team on the successful executions."

DENVER – JLL announced today that it has arranged $8.37 million in acquisition financing for Chateau Park Apartments, a 71-unit, value-add, garden-style apartment community located near downtown Boise, Idaho.

JLL worked on behalf of the borrower, Allante Properties and Investments, to place the floating-rate bridge loan. Loan proceeds will be used to fund the acquisition and subsequent renovation of both unit interiors and the exterior of the property. 

Chateau Park Apartments is situated at 333 S. Elm Street in Boise’s vibrant East Boise neighborhood. Residents are approximately one-half mile from downtown Boise and within walking distance to the Boise River Greenbelt, multiple parks, St. Luke’s Medical Center and Boise State University. Completed in 1973, Chateau Park Apartments offers a mix of one-, two- and three-bedroom units that average 913 square feet. The borrower plans on performing a full interior renovation of all the units, including bathroom and kitchen upgrades. The borrower is also planning extensive external renovations, including updating the leasing center, clubhouse, laundry facilities, landscaping, outdoor pool and other common areas. Additional property amenities such as barbeque grills and bike racks will be installed.

The JLL Capital Markets team representing the borrower was led by Senior Director Brock Yaffe.

“We’re excited to close the first of many acquisitions in the Boise market,” said Jordan Meylan, director of Finance and Acquisitions for Allante Properties and Investments. “Not only are the fundamentals very attractive from an investment standpoint, we continue to forge high quality relationships with real estate and construction professionals. 

"Brock Yaffe and the JLL team advised us brilliantly and sourced very attractive bridge financing for us to execute on the acquisition and renovation of the asset,” Meylan continued. “Tanner Leighton with The Mike Brown Group represented us on the transaction and has been instrumental in connecting us with the right ‘boots on the ground’ in Boise. We have several other opportunities we’re presently pursuing – both value-add and ground-up – and look forward to future successful projects for Allante Properties and Investments and our strategic partners.”

Trophy high-rise in Seattle’s South Lake Union acquired by Continental Properties

SEATTLE, October 2, 2019 – JLL announced today that it has closed the $216.1 million sale of Met Tower, a trophy 366-unit, high-rise multi-housing building located in the heart of Seattle’s vibrant South Lake Union neighborhood.

JLL marketed the property exclusively on behalf of the seller and procured the buyer, Continental Properties. The property was sold free and clear of existing financing. Continental Properties was the original developer of the property in 2001.

Met Tower is located at 1942 Westlake Avenue in the epicenter of Seattle’s burgeoning technology industry in the South Lake Union and nearby Belltown neighborhoods. With a Walk Score® of 99, the property not only provides walking-distance access to top employers but also more than four million square feet of retail and attractions within a half mile, including Washington State Convention Center, Pike Place Market, the Seattle Waterfront, Seattle Center, Westlake Center and Denny Park. The transit-oriented property also offers immediate access to the SLU Streetcar across 7th Avenue and is a short walk to the Westlake Station Transit Center, which provides connectivity throughout Puget Sound via Link Light Rail. Met Tower includes a variety of studio, one- and two-bedroom floor plans averaging 895 square feet as well as more than 10,000 square feet of ground-floor retail. Amenities include a lobby with lounge space, an indoor pool and spa, community terrace, demonstration kitchen, billiards table and library.

The JLL Capital Markets team representing the seller was included Senior Managing Director Ira Virden, Senior Director Christopher Ross and Executive Managing Director Matthew Lawton.

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

The workforce housing community sits on six prime acres near Greenway Plaza in Central Houston

HOUSTON, October 2, 2019 – JLL announced today that it has closed the sale and arranged financing of The Place at Greenway, a 219-unit, garden-style apartment community in Central Houston.

JLL marketed the property exclusively on behalf of the seller, Redwood Capital Group. Additionally, JLL worked on behalf of the new owner to secure a five-year, fixed-rate acquisition loan from Ready Capital.

The Place at Greenway is situated on approximately six infill acres at 3333 Cummins Street immediately northeast of the intersection of Richmond Avenue and Weslayan Street in the Greenway Plaza submarket. The property consists of 15 two-story residential buildings with a mix of one- and two-bedroom units averaging 875 square feet. Community amenities include a swimming pool with sundeck, poolside cabanas with outdoor kitchen, modern clubhouse with lounge areas and kitchen, newly remodeled fitness center, yoga room, spin room, business center, pet station and covered parking. The property was 95% occupied at closing.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Chris Curry, Senior Managing Director Todd Marix, Directors Joey Rippel and Chris Young and Analyst Bailey Crowell.

“The Place at Greenway’s successful disposition is indicative of investor appetite for workforce housing in Central Houston,” Curry noted. “The property’s rent gap compared with new construction, its value-add potential and optionality for future alternative uses underscore the opportunities available for workforce housing assets in core locations.”

“According to Apartment Data Services, Central Houston has lost 5,773 net Class B, C and D units over the last 10 years, while adding 34,268 Class A units during the same timeframe,” Curry continued. “The diminishing supply of workforce housing, now less than 30% of available units in Central Houston, and the premium rents and returns obtainable on remaining communities such as The Place at Greenway were very attractive to investors.”

JLL’s Capital Markets team representing the new owner was led by Director Michael Johnson and Analyst Tolu Akindele.

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.