MIAMI, August 22, 2019 – JLL announced today it has arranged a $24 million loan to refinance Agora at Port Richey, a 288-unit, garden-style apartment community in Port Richey, Florida.

Working exclusively on behalf of Agora Capital Partners, JLL placed the 10-year, fixed-rate loan with Goldman Sachs. The loan, which closed on July 31st and includes interest-only payments for the full term, replaces acquisition financing the same deal team secured on the borrower’s behalf in 2017.

Agora at Port Richey features 24, two-story buildings totaling 264,168 rentable square feet with a variety of one-, two- and three-bedroom layouts. Unit amenities include faux granite countertops, raised panel cabinet doors, new appliances and faux wood plank flooring. Community amenities include a swimming pool with cabanas, fitness center, dog park, playground, clubhouse, business center, internet café and coffee bar.

The JLL Capital Markets team representing the borrower was led by Managing Director Elliott Throne and Director Jesse Wright.

“Goldman Sachs provided a very attractive, low-rate, full-term, interest-only loan with a cash out option that won the business in the midst of a highly competitive lender field, including the agencies and other CMBS shops,” Wright said. “With this financing, the borrower has put themselves in an excellent position to hold the asset long-term.”

SAN FRANCISCO, August 20, 2019 – JLL announced today that it has arranged $34 million in debt financing for the development of 7EMPIRE, a 97-unit, Class A, art-focused multi-housing community in the Silicon Valley core.

JLL worked on behalf of the developer, TriForge Capital Partners, to secure the 13-year, fixed-rate construction-to-permanent loan with Guardian Life Insurance Company of America. TriForge Capital Partners is led by development groups LandForge and developURBAN. The JLL Capital Markets team previously coordinated venture equity on behalf of the developer.

7EMPIRE is currently under construction at 525 North 7th Street on the only remaining infill site in San Jose’s burgeoning Japantown neighborhood. The Japantown location provides direct connections to VTA light rail, bus and bike-share transit modes linked to nearby Silicon Valley employment centers.  The 7EMPIRE site notably has immediate access to Jackson Street shops, grocers and restaurants as well as local artists, vendors and design studios, which comprise the Jtown Art Walk.

Due for completion in 2021, the USGBC LEED-designed property will encompass a mix of modish, forward-thinking residential dwellings; a 5,000-square-foot publicly accessible sculpture and street art park; approximately 1,000 square feet of entry plaza retail and 131 parking spaces. An artist-in-residence program is currently planned, and the integral art park has been designed alongside the famed Empire Seven Studios to include community engagement activities. 7EMPIRE’s comprehensive art focus is born organically from the site’s prior use as a studio gallery and as a home base for Pow Wow San Jose since 2017. The 7EMPIRE development will build on the tremendous art culture that already thrives in Japantown and will provide additional venue space for organized activities.

Residential floor plans will include a mix of junior suites, flexible flat-style residences and multi-story urban townhomes ranging from one to three bedrooms. 7EMPIRE’s lobby areas will function as complementary coworking spaces and art galleries curated in part by local artists. Additional amenities include a rooftop lounge area; a functional movement gym; yoga and meditation studios; an outdoor community kitchen with multiple contemplation zones; mechanical valet parking; and a smart home concierge app experience. As an homage to the site’s diverse cultural heritage, historical markers and sculptures will also be present throughout the site to tell part of the backstory of one of San Jose’s most up-to-the-minute neighborhoods.

“The TriForge team appreciates the contributed value and insightful perspective provided by JLL,” echoed Derek Allen of LandForge and Neal Yung of developURBAN. “As a trusted partner, they’ve helped us kick off a meaningful and sustainable development, which integrates local community spirit into a boutique-sized, design-forward offering.”

“We set out to develop a community that fuses the way discerning residents want to live within spaces that world-class artists want to create,” added partner Collin Eckles, former president of Rose Rock Group, a Rockefeller company. “This effort will forge an inspiring exposé of youthful vigor and some of the best street art the world has ever seen, on par even with the Wynwood Walls murals of Miami, all within the aesthetic of Jtown.”

LandForge partner JIG Holding acknowledges the transaction as a good cultural fit for them as well, noting that, “Along with strong submarket fundamentals and a competent development team, it was the right time to enter the U.S. market after being active on multiple continents for the past 70 years.”

The JLL debt placement team representing the developer was led by Senior Director Chris Gandy.

“The TriForge team has the local depth and market perspective lending partners like Guardian are seeking,” Gandy said. “With its forward-thinking design and authentic art component, we are confident the 7EMPIRE development will be well-received.”

MORRISTOWN, N.J., August 20, 2019 – JLL announced today that it has arranged $43 million in financing for Signature Place, a 197-unit, luxury apartment community in Morris Plains, Morris County, New Jersey.

JLL worked on behalf of Mack-Cali Realty Corporation, acting on behalf of Roseland Residential Trust, to place the five-year, fixed-rate loan with Nationwide Life Insurance Company. Loan proceeds replaced the existing construction loan.

Signature Place is located at 250 Johnson Road on a site that was formerly improved with a vacant Mack-Cali office property. Completed in 2018, the property provides access to employment centers in Northern New Jersey and New York via NJ Transit’s Morris Plains train station and Interstates 287 and 80. Additionally, the property offers access to Morris County’s recreational, dining and shopping destinations along Route 10. Signature Place consists of a mix of one-, two- and three-bedroom units featuring high-end finishes such as wood-plank flooring, tiled bathrooms with soaking tubs and Moen fixtures, USB ports and private balconies or terraces. The community offers a variety of resort-like amenities, including an outdoor swimming pool with hot tub; designer club room with a communal fireplace, lounges, billiards and shuffleboard; state-of-the-art movie theater; two upscale conference rooms; golf simulator; fitness center; tennis courts; alfresco social venue with fire pit, TV, gas grills and dining areas; dog run and pet spa; and a walking trail.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Greg Nalbandian and Analysts Andrew Zilenziger and Carlos Silva.

“Roseland was seeking a five-year, fixed-rate loan with maximum prepayment flexibility,” Nalbandian said. “Nationwide delivered an overall excellent deal with very tight pricing, full-term interest only and optimum prepayment structure.”

MORRISTOWN, N.J., August 16, 2019 – JLL announces that it has arranged financing for the development of Englewood Circle, a 220-unit, Class A multifamily property in Englewood, New Jersey.

JLL worked on behalf of the developers, a joint venture between The Claremont Companies and Cypress Equity Investments, to secure the five-year construction loan through Principal Real Estate Investors.

Englewood Circle is being constructed on 2.54 acres at 40 Bennett Road directly across from MacKay Park. Due for completion in 2020, the transit-oriented community offers convenient access to major thoroughfares, including Interstate 95, Route 4 and Palisades Interstate Parkway.

The JLL Capital Markets team representing the developers was led by Senior Managing Director Jon Mikula, Managing Director Michael Klein and Analyst Andrew Zilenziger.

“We are excited to be a part of Claremont’s foray into Englewood, a town that has seen tremendous growth, specifically in the luxury multi-housing space,” Mikula stated. “Englewood Circle will provide the newest and most amenity intensive project in Englewood.”

CHARLOTTE, August 9, 2019 – JLL announces that it has arranged financing for Overlook Pointe, a 249-unit, Class A apartment community in Pompano Beach, Florida.

JLL worked on behalf of the borrower, Bell Partners, to secure the acquisition loan through PNC Real Estate.

Overlook Pointe comprises one six-story residential building and a six-story attached 364-space parking deck. The property offers a pool, various grilling stations with social lounge, a playground, bike storage, valet dry clean service and a dog park. Additional amenities include a top-of-the-line clubhouse that boasts a media center with HDTV’s, a Game-On lounge with billiards, high-tech fitness center with aerobics studio, Wi-Fi café and complimentary coffee bar. Overlook Pointe is located at 4611 N. Federal Highway within one of Broward County’s most affluent submarkets. The property has convenient access to Interstate 95 and is less than five miles from Boca Raton and 13 miles from downtown Fort Lauderdale. Additionally, the property offers immediate proximity to major employers, an abundance of retail shopping, including Whole Foods, Trader Joe’s and Fresh Market grocery stores, and a multitude of restaurants and entertainment options.

The JLL Capital Markets team representing the borrower included Senior Managing Director Travis Anderson, Managing Directors Roger Edwards and Elliott Throne and Senior Director Cory Fowler.

DENVER, August 8, 2019 – JLL announces it has arranged financing totaling $50.4 million for the development of Farm Haus, a 280-unit, Class A apartment project in the north Denver suburb of Longmont, Colorado.

JLL worked on behalf of the developer, a joint venture between Massimino Development and Origin Investments, to place the higher leveraged structured floating-rate construction financing. The financing featured no repayment guaranty and a 36-month loan with two 12-month extension options.

Farm Haus will be constructed on a 13.52-acre parcel at the northwest corner of East 3rd Avenue and Great Western Drive just south of E. Ken Pratt Boulevard (Route 119). Due for completion in 2021, the property will feature a modern farmhouse design while incorporating resort-style amenities and lush landscaping. Interior amenities will include a lobby with expansive windows overlooking the grand exterior patio, pool terrace, tree orchards and Lone Peak that leads into a resident lounge and clubhouse equipped with billiards and gaming space and demonstration kitchen with flexible dining or co-working space. Outdoor amenities include built-in barbecues, resort-style pool with multiple water features, pool house with built-in bar, outdoor TVs and games, playground, dog park and several landscaped “pocket” parks with seating. 

Residences will feature master suites with spacious walk-in closets, double vanities, oversized tubs, charging stations, nine-foot ceilings, full-sized washers and dryers, large modern kitchens, designer cabinets, stainless steel appliances, pendant lighting, designer flooring, private balconies and Bluetooth keyless entry. Of the 280 units, 247 will be market-rate and 33 will be designated as affordable. The four-story property is less than three miles from downtown Longmont and is a short drive to the Longmont Park-n-Ride.

The JLL Capital Markets team representing the developer was led by Managing Director Josh Simon and Senior Director Leon McBroom.