WASHINGTON, July 10, 2019 – JLL announces it has secured capital for the development of Sorrento, a 306-unit multi-housing community in Reston, Virginia.

JLL worked on behalf of Woodfield Development to secure a construction loan through PCCP, LLC and joint venture equity from German American Realty.

Sorrento is located at 1950 Roland Clarke Place along the Dulles Toll Road. The transit-oriented community will be situated within walking distance of the existing Wiehle-Reston East Metro Station and the future Reston Town Center Metro Station. Due for completion in 2021, Sorrento is being developed in an area that is being transformed into a walkable, tree-lined residential enclave in the heart of Reston that also offers easy access to the area’s 31.2 million square feet of office space and multiple retail amenities, as well as Washington, D.C. Units will include a mix of 316 studio, one- and two-bedroom floor plans averaging 800 square feet, 37 of which will be designated as workforce housing. The community will feature a rooftop, resort-style swimming pool with sunning shelf and lounging deck; a seventh-floor sky lounge with indoor bar and outdoor space; state-of-the-art fitness center; landscaped courtyards with grills and fire pits; outdoor garden park; clubroom with bar, fireplace and game room; and dog park and dog spa.

The JLL Capital Markets team representing the developer included Walter Coker, Brian Crivella, Jamie Leachman and Evan Parker.

“This project represents an attractive opportunity for PCCP to lend to a highly institutional and experienced partnership in a well-located and affluent D.C. suburb,” said Ryan Dodge, vice president with PCCP. “Woodfield Reston will appeal to renters seeking a quality, amenity-rich community near a diverse and dense employment base at a price point that is less than nearby markets.”

CHARLOTTE, N.C., July 10, 2019 – JLL announces it has arranged the sale and financing of The Lowrie, a 245-unit, mid-rise multi-housing community in Charlotte, North Carolina.

JLL marketed the property on behalf of the seller, Proffitt Dixon Partners. Redwood Capital Group purchased the offering free and clear of existing debt. Additionally, JLL worked on behalf of the new owner to secure an acquisition loan through a life insurance company.

The Lowrie, which delivered in summer 2018, is located at 3570 Toringdon Way in Charlotte’s thriving Ballantyne submarket, which offers residents access to nearly 715,000 square feet of Class A office space at Toringdon Office Park and more than 4.5 million square feet of Class A office space at Ballantyne Corporate Park. The four-story community features luxury amenities, including a resort-style saltwater pool, rooftop resident clubhouse, outdoor living room and club space with fire pit, outdoor kitchen with grilling area, outdoor screening area, leash-free dog park and spa, co-working business space, state-of-the-art fitness center with CrossFit cage, yoga studio, concierge service and a secured access garage with covered parking. Units include IOTAS smart home technology; designer kitchens with islands, granite countertops and subway tile backsplashes; wood-style flooring; built-in shelves and desks; walk-in showers; designer lighting packages; in-unit washers and dryers; and private patios or balconies.

The JLL Capital Markets team representing the seller was led by managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.

The JLL Capital Markets team representing the new owner was led by senior managing director Travis Anderson and senior director Cory Fowler.

“With its thoughtful development execution and site selection of The Lowrie, Proffitt Dixon delivered a true best-in-class investment offering,” Good said. “Redwood was drawn to the property’s market-leading amenities, exceptional design elements and retail walkability within Ballantyne’s dynamic business environment.”