NEW YORK – JLL announced today that it has arranged $386 million in financing for 70 Pine Street, a 66-story, 1.03 million-square-foot, mixed-use, Art Deco-style tower in Lower Manhattan’s Financial District.
JLL worked on behalf of the borrower, a joint venture between DTH Capital and Rose Associates, to secure the five-year, floating-rate financing through Goldman Sachs. Loan proceeds refinanced construction financing that funded the redevelopment of the property.
70 Pine Street consists of 612 luxury rental apartment units, a 132-room Lyric Hotel and approximately 30,500 square feet of retail leased to Black Fox Coffee, Blue Park Kitchen and gourmet grocer City Acres. In addition, the property is home to two restaurant concepts by James Kent and Jeff Katz, formerly of Eleven Madison Park and Del Posto, including the critically acclaimed Crown Shy.
The iconic New York property, which formerly served as the global headquarters for CITGO and AIG, was originally constructed in 1932. Some of its most notable Art Deco architectural features were preserved through during its 2016 transformation into a state-of-the-art residential building. 70 Pine features three tiers of residential packages: the City, Tower and Penthouse Collections, all of which include conveniences such as high-quality appliances, stone countertops, European cabinets, in-unit washers and dryers and walk-in closets. Residential amenities include access to the 21,000-square-foot Elite by NYSC fitness center and a private bowling alley, screening room, golf simulators, children’s playroom, game room and lounge.
The JLL Capital Markets team representing the borrower was led by Managing Director Christopher Peck, Senior Director Geoff Goldstein and Associate Kristen Knapp.
WASHINGTON D.C. – JLL announced today it has closed the $141 million sale of Atley on the Greenway, a 496-unit, transit-oriented apartment community in the Washington, D.C.-area community of Ashburn, Virginia.
JLL marketed the property on behalf of the seller, Northwestern Mutual, and procured the buyer, Fairfield Residential. The property was acquired free and clear of existing financing.
Atley on the Greenway is located at 21827 High Rock Terrace in Northern Virginia’s affluent and amenity-rich Loudoun County submarket. Completed in 2014, the property benefits from visibility along the Dulles Greenway (Route 267) and is less than a mile from the new Ashburn Metro Station (Silver Line). The property features a variety of one-, two- and three-bedroom units averaging 1,001 square feet, 40 of which are designated as affordable. Community amenities include two swimming pools, an outdoor fireside lounge, poolside barbecue and picnic areas, children’s playground, 24-hour fitness center, multi-station business center, and an indoor social lounge with fireplace, TV lounge, gourmet demonstration kitchen and dining area. Since completion, the property has experienced an occupancy rate above 96%.
The JLL Capital Markets team representing the seller included Walter Coker and Brian Crivella.
PORTLAND, ORE. – JLL announced today that it has closed the $116.13 million sale of Riva on the Park, on behalf of Barings, one of the world’s largest diversified real estate investment managers. The property is a 294-unit, transit-oriented residential high-rise prominently located adjacent to the Oregon Health & Science University (“OHSU”) in Portland’s South Waterfront neighborhood.
JLL represented the seller, Barings, on behalf of institutional investors, and procured the buyer, Griffis Residential. The property was acquired free and clear of existing financing.
In addition to its proximity to OHSU, which is undergoing a 1.1 million-square-foot expansion, Riva on the Park is located within steps of the Portland Streetcar, MAX Light Rail and the Portland Aerial Tram. The 22-story, LEED Gold-certified property consists of 294 residential units averaging 811 square feet and more than 13,000 square feet of ground-floor retail. Apartment amenities include granite countertops and plank flooring in kitchens; oversized, energy-efficient windows; full-size washers and dryers; central heat and air conditioning; decks or patios; and stunning city and river views. Common area amenities include a lobby with fireside lounge, eco-terrace with grills, 24-hour fitness center and concierge services.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, and Senior Director Carrie Kahn.
MORRISTOWN, N.J. – JLL announces it has arranged $19.88 million in financing for the development of 34 Bank, a 126-unit, transit-oriented apartment property located in Netcong, Morris County, New Jersey.
JLL worked on behalf of the borrower, a joint venture between CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments, to secure the 36-month, floating-rate construction loan through M&T Bank.
34 Bank will contain a total of 126 luxury units, of which 113 are market rate. Market-rate units will feature a mix of one- and two-bedroom floor plans and affordable units will feature one-, two- and three-bedroom options. The property will be situated within walking distance to the Netcong Train Station and downtown Netcong and offers accessibility to all of the region’s major roadways, including Interstate 80 and Routes 206 and 46, all of which are within 1.5 miles of the development. Due for completion in 2020, the property will provide an affordable luxury option to supplement the area’s current supply of vintage, garden-style apartments and will offer resident’s several amenities, including a great room with business stations, communal kitchen, gas fireplace, large-screen TVs, billiards room, fully equipped fitness facility and electric car charging stations. Outdoor amenities include a community gathering space with fire pit and a walking path along the Musconetcong River. The community will also feature on-site parking and optional private garages.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jon Mikula and Managing Director Michael Klein.
“JLL is pleased to have been able to secure financing for CrownPoint Group as it continues to expand its portfolio of multifamily properties throughout the state,” Klein said.
“M&T put together very attractive terms and was able to accommodate the borrower as the deal continued to evolve throughout the closing process,” Mikula added. “It was a pleasure to work with them on this transaction.”
Loan proceeds refinance existing debt on the Raleigh, North Carolina, garden-style apartment community
WASHINGTON D.C., September 18, 2019 – JLL announced today it has secured $24 million in financing for Olde Raleigh Apartments, a 228-unit, garden-style apartment community located in Raleigh, North Carolina.
JLL worked on behalf of Taurus Investment Holdings, LLC, to arrange the 10-year, floating-rate loan through Freddie Mac’s Green Advantage program. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds refinanced existing debt on the property.
Olde Raleigh is located at 4000 Grand Manor Court near William B. Umstead State Park and Interstates 40 and 440, which provide residents with access around the Raleigh-Durham MSA. The property consists of a mix of one-, two- and three-bedroom floor plans with a large selection of in-home features, including gourmet kitchens with stainless steel appliances, garden tubs, custom built-ins, plank flooring, in-unit washers and dryers and private patios or balconies. Community amenities include a resort-style pool, outdoor grilling station, clubroom, fitness center, business center with conference lounge, car care center, pet wash station and dog park. Olde Raleigh was more than 94% occupied at closing.
The JLL Capital Markets team representing the borrower was led by Senior Director Jamie Leachman.
DENVER – JLL announced today that it has closed the sale and financing of Copper Canyon, a 222-unit, garden-style apartment community in the Denver suburb of Highlands Ranch, Colorado.
JLL marketed the asset exclusively on behalf of the seller and procured the buyer, CARROLL. Additionally, JLL worked on behalf of the new owner to secure a 10-year, floating-rate acquisition loan through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
Copper Canyon is located at 3880 E. County Line Road near the intersection of C-470 and University Boulevard. The community, which is situated on 13 acres, offers residents easy access to employers in and around the Denver Tech Center, metro Denver’s premier employment center. Copper Canyon consists of a mix of one-, two- and three-bedroom units averaging 884 square feet that feature fully equipped kitchens, garden tubs, in-unit washers and dryers, spacious closets and balconies with mountain views. Community amenities include a swimming pool with heated spa, courtyard with grilling area, 24-hour fitness center, business center, playground and detached garages. The property was approximately 96 percent occupied at closing.
The JLL Capital Markets team that represented the seller was led by Managing Directors Dave Martin and Pam Koster and Vice President Brian Mooney.
JLL’s Capital Markets team that arranged the acquisition financing for the borrower/buyer was led by Managing Director Matt Steffen.
