Trending Multifamily News
JLL Capital Markets completed the acquisition financing for the 173-unit River Bay Townhomes affordable housing community in Lexington Park
WASHINGTON, D.C. – JLL Capital Markets announced today that it has arranged the $19.45 million in acquisition financing for River Bay Townhomes, a 173-unit, value-add multi-housing community in Lexington Park, Maryland.
JLL represented the borrower, Linden Property Group, to secure a floating-rate bridge loan through Sound Point Capital Management.
Developed using Low Income Housing Tax Credits (“LIHTC”) in 2004 and 2005, River Bay Townhomes consists of all three-bedroom, two-bath units with attached garages and an average square footage of 1,291, making them some of the largest units in the submarket. Of the 173 units, 155 units are set aside for tenants who make no more than 60 percent of Area Median Income (AMI).
Situated at 48100 Baywoods Dr., the property is located within St. Mary’s County in southern Maryland at the confluence of the Chesapeake Bay, the Potomac River and the Patuxent River. The area includes an advent of the military bases, an extensive defense contractor presence, the St. Mary’s College of Maryland and the University of Southern Maryland.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Jamie Leachman, Director Amit Kakar and Analyst Carter Wroblewski.
“There remains a tremendous amount of liquidity for product with a focus on ESG and affordable housing initiatives,” said Leachman. “Congrats to the Linden team for upholding these standards and its continued expansion into Southern Maryland.”
PHOENIX, May 9, 2022 – JLL Capital Markets announced that it has arranged refinancing in the aggregate amount of $372.6 million for a 10-property, 2,549-unit multi-housing portfolio located across Arizona and Texas.
JLL worked on behalf of the borrower, Wealhouse Capital, to secure the floating-rate Fannie Mae loans. The loans will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
The portfolio consists of Artisan Park Apartments, Sierra Walk, Spring Meadow and Summers Point in Glendale; Carlyle at South Mountain, Carlyle Townhomes and Glenrosa Park in Phoenix, Autumn Creek and Greentree Place in Chandler; and Bar Harbor in Seabrook near Houston. The garden-style properties were constructed between 1979 and 1997 and feature a range of amenities, including resort-style pools, clubhouses, fitness rooms, basketball courts, and picnic areas.
The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Brad Miner and Analyst Elle Miraglia.
“We could not be more pleased by the efforts and guidance we received from Brad, Elle, and the entire JLL team,” said Scott Morrison, Founder and CIO of Wealhouse Capital.
“The proceeds from the refinancing will allow us to continue to invest in new and existing properties in our portfolio and the communities our tenants live in,” said Emily Newman, Executive Vice President of Wealhouse.
MORRISTOWN, NJ – JLL Capital Markets announced today that it has closed the $78 million refinancing of The Current on River, a 254-unit, newly constructed multi-housing community in Hackensack, New Jersey.
JLL represented the borrower, Brickyard Urban Renewal, LLC, an affiliate of Hekemian & Co., Inc., to secure the 10-year, fixed-rate loan through New York Life Real Estate Investors.
Built in 2020, The Current on River features one- and two-bedroom units with granite and quartz countertops, stainless steel appliances, walk-in closets, in-unit washers and dryers, a private patio or balcony and an average size of 846 square feet. Community amenities include a fitness center, pool with sundeck, barbecue and picnic area, courtyard, coffee bar, clubroom, work lounge, pet spa, garage parking, bike storage and conference room.
Located at 18 E. Camden St., the property provides residents access to Route 4 and I-80 and is supported by the presence of two NJ Transit train stations within the city. Additionally, the Hackensack Bus Terminal, with the River Street at Berry Street stop, is directly outside the property to the east. The site is within close distance of Routes 46 and 17, two prime retail corridors within the Northern New Jersey region. Nearby employment centers include Hackensack University Medical Center, Fairleigh Dickinson University, Teterboro Airport, the Bergen County Courthouse and the adjacent Bergen Community College.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio, Senior Director Thomas E. Didio, Jr. and Associate Gerard Quinn.
“The Current on River is a transformative project featuring best-in-class amenities and unit finishes. The life company market remains aggressive for core, best-in-class, new development multi-housing product. Thank you to Brickyard Urban Renewal, LLC and the Hekemian & Co. team for entrusting JLL to drive the market on this financing,” stated Didio. “We thank the Hekemian Co. principals for entrusting JLL to deliver the permanent financing for this exceptional, state-of-the-art project.”
SAN DIEGO, April 26, 2022– JLL Capital Markets announced today that it secured $12.6 million in construction financing for a multi-housing development located in the Golden Hill neighborhood in San Diego, California.
JLL worked on behalf of the borrower, Darnell Capital Management, to secure the 18-month construction loan through a national bank.
The project will offer a modern design, with a mix of one- and two- bedroom units appealing to local residents.
The development is ideally situated between downtown San Diego’s East Village, South Park and Balboa Park. Residents will have convenient access to Balboa Park, San Diego Convention Center, Petco Park, Plazza Della Famiglia, San Diego Zoo, Seaport Village, Embarcadero and Marina Park. This transit-oriented location provides proximity to I-163, the 94 freeway, I-5 and I-15 and is located less than two miles from both the City College and Park and Market trolley stations.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Director Chris Collins and Associate Jack Piegza.
“Darnell Capital Management’s thoughtful design of this development will provide tenants with an exceptional living experience in one of San Diego’s best neighborhoods,” said Collins. “We are thrilled to see this development come out of the ground.”
MIAMI, April 21, 2022 – JLL Capital Markets announced that it has arranged $5.11 million in supplemental financing, to go with the original $45.8 million original senior loan, for Parc 3400, a 260-unit, mid-rise multi-housing property in Davie, Florida.
JLL represented the borrower, Park Partners Residential, to secure the seven-year, fixed-rate loan through Freddie Mac Multifamily. The loans will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
Built in 2017, Parc 3400 consists of four five-story buildings with an average unit size of 1,055 square feet. Units feature 11-foot ceilings, full-size washers and dryers, walk-in closets, stainless steel appliances, wood plank-style floors and wrap-around balconies. Community amenities include a 24-hour fitness facility, a business center and flex office spaces, an outdoor kitchen with grilling stations, a resident recreation room and a community clubroom.
Located at 3400 Davie Rd., the property is situated immediately across the street from the South Florida Education Center, which provides educational access for over 60,000 current students at five universities (Nova Southeastern University, Broward College, Florida Atlantic University, University of Florida and McFatter Technical Institute). The community is proximate to the I-595 interchange, a major east-west thoroughfare in South Florida, providing convenient access to employment centers in Ft. Lauderdale, Plantation and Sunrise. Additionally, the property is within close distance to HCA’s Healthcare’s future hospital on University Boulevard.
The JLL debt team was led by Senior Managing Director Elliott Throne and Director Kenny Cutler.
“Since the closing of the senior loan on the property, Park Partners has done an excellent job managing Parc3400, steadily raising rents as South Florida’s occupancy tightens,” Cutler said. “The ability to place supplemental financing and retire a meaningful amount of equity throughout the hold period is one of the many benefits of fixed-rate Freddie Mac financing.”
JLL Capital Markets arranged the refinancing for the 100-unit Nolan Mains in Edina, Minnesota
MINNEAPOLIS, March 16, 2022 – JLL Capital Markets announced that it has arranged a $67 million refinancing for Nolan Mains, a 100-unit, mixed-used, mid-rise apartment community located in the 50th and France neighborhood of Edina, Minnesota.
JLL worked on behalf of the borrower, Buhl Investors and Saturday Properties, to secure the Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Built in 2019, Nolan Main was a public-private partnership with the City of Edina, helping transform and revitalize their historic downtown area. In addition to the 100 luxury units, there are 16 retailers and two-levels of underground parking. Community amenities include a rooftop bar, spa with sauna and steam room, fitness center, a sunroom, a fenced dog run, gourmet chef 's kitchen, indoor and outdoor fireplace and seating area, club room and golf simulator.
The property is located in a live-work-play community with high barriers to entry. Additionally, the location offers walkability to the numerous shopping and dining options within the area.
The JLL Capital Markets Debt Advisory Team representing the borrower was led by Managing Director Scott Loving and Analyst Will Hintz.
“The borrower’s execution of this development from concept to stabilization has been incredibly impressive,” said Loving. “The property’s unique characteristics, including a valuation per unit that was significantly higher than any other multi-housing property in the market and its total of 16 retail tenants, required a complex refinancing. The borrower achieved multiple goals with the refinancing, including securing long-term, non-recourse debt with a significant interest-only period, while returning a portion the initial capital to its investors.”
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.