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.


JLL Capital Markets announced that it has arranged a refinancing for Flats at Lansdale, a 180-unit, luxury multi-housing community located in Lansdale, Pennsylvania.

JLL worked on behalf of the borrower, a joint venture between White Oak Partners and HIMCO, to secure the five-year, fixed-rate loan with a two-year extension through Wells Fargo.

Built in 2014, the six-building, three-story Flats at Lansdale features units with an average size of 1,053 square feet, nine-foot ceilings, oversized windows, walk-in closets, private patios or balconies, full-size washers and dryers, stainless steel appliances and granite countertops. Community amenities include a resident clubhouse, state-of-the-art fitness center, resort-style pool with sundeck, a fireside lounge, an outdoor pavilion with grill area, a gazebo, cyber lounge, a dog park, a private movie theater, yoga room, conference room and landscaped amphitheater.

Located at 1001 Towamencin Ave., the property is situated immediately off the heavily traveled I-476 and offers a short drive to the Lansdale SEPTA Station. The 1.1-million-square-foot Montgomery Mall is less than seven miles from the property, providing residents a wide array of shopping and dining options. Downtown Skippack, which is less than five miles from the property, includes a variety of restaurants and boutique shops, along with various festivals, fairs and concerts. Additionally, Temple University, The University of Pennsylvania and Drexel University are within proximity to the community.

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Jamie Leachman, Senior Director Paul Smith and Associate Medina Spiodic.

“JLL is honored to have worked with White Oak Partners and HIMCO on the refinancing of Flats at Lansdale,” Smith said.  “The joint venture navigated an acquisition during the height of the pandemic, and successfully completed a repositing of the asset.  Securing attractive long-term financing will help ensure that the residents of Lansdale will have a best-in-class housing option for years to come.”


JLL Capital Markets announced today that it has been engaged by Playhouse Square Foundation to exclusively market for sale The Lumen, a 318-unit, Class A, high-rise multi-housing building in downtown Cleveland, Ohio with anticipated pricing of $500,000 per unit.

The Lumen was developed in partnership with Hines, a global real estate development firm founded in 1957 with presence in 255 cities and 27 countries and known for their high-quality, uber core projects across the globe.

Built in 2020, the property consists of one-, two- and three-bedroom units featuring stainless steel appliances, quartz kitchen countertops, high-gloss cabinetry, gas range, floor-to-ceiling windows, spacious closets and full-size washers and dryers. The community amenities include collaborative workstations, bike storage and repair station, electric car charging stations, an outdoor terrace and heated pool, a community dining area, a rooftop lounge, a state-of-the-art fitness center and a yoga studio.

Located at 1600 Euclid Ave., The Lumen is offers easy highway accessibility with a four-minute drive to I-90 and a five-minute drive to I-71. The property is proximate to more than 20 colleges and universities, including Case Western Reserve University, John Carroll University, Kent State University, The University of Akron and Cleveland State, as well as industry-leading healthcare, such as Cleveland Clinic, University Hospitals and Metro Health. Residents of The Lumen have numerous opportunities for nearby employment from the 20 Fortune 1,000 companies and over 600 international firms within northeast Ohio. Tower City Center, Steelyard Commons and Ridge Park Square provide residents retail options that are less than a ten-minute drive from the property. Additionally, the property is within close distance to the art experiences in the Playhouse Square District, professional sporting events, the 300 miles of outdoor park trails, the 23,700 acres preserved for parks and recreation and several beaches on Lake Erie.

The JLL Capital Markets Investment Sales Advisory team representing the seller is being led by Executive Managing Director Matthew Lawton, Managing Director Mark Stern, Managing Director David Gaines and Analyst Franklin Eruo.

“The Lumen is one of the finest multi-housing communities I have seen in my career.” said Lawton. “With its spectacular execution, the property transcends the Cleveland marketplace.”

CHICAGO, Feb. 8, 2022 – JLL Capital Markets announced that it has closed the sale of Ellyn Crossing, a 1,155-unit,  garden-style workforce housing apartment community located in Glendale Heights, Illinois, marking the largest deal to ever trade in a Chicago suburb.

JLL represented the seller, Rockwell Property Co., in facilitating the sale to Turner Impact Capital, a leading real estate investment firm dedicated to social impact.

Spanning 31 buildings across 45 acres, Ellyn Crossing currently consists of 678 unrenovated homes, 80 partially renovated homes and 397 renovated homes. Unrenovated units feature laminate countertops, white appliances and light brown cabinets, and renovated homes offer laminate countertops with varying finishes, wood-style plank flooring, designer tile backsplash, ceiling fans and black appliances. Community amenities include a fitness center, resident clubhouse, resort-style swimming pool, laundry rooms, park, a tennis court and business center.

Located at 440 Gregory Ave., the location of the community allows residents to have easy access to top employers, offering convenient drive-times to both the Golden Corridor in Schaumburg and the Industrial Superhighway along I-88. The community offers connectivity to Chicago as well, with proximity to two Metra stations within five miles.  The property is also just 11 miles northeast of the Elk Grove Village Business Park, the largest industrial park in the U.S., and proximate to eight award-winning hospitals. Additionally, Ellyn Crossing provides easy accessibility to highways, including I-355, I-290, I-88 and the Chicago Loop, and is close to both DuPage Airport and O’Hare International Airport.

The JLL Capital Markets Sales and Advisory team was led by Senior Director Kevin Girard and Senior Managing Director Marty O’Connell.

NEW YORK, Feb. 7, 2022 – JLL Capital Markets announced that it has arranged $38.45 million in acquisition financing and secured the equity for Summit at Rivery Park, a 228-unit multi-housing community located in the Austin-area community of Georgetown, Texas.

JLL worked on behalf of Austin-based sponsor, Old Three Hundred Capital, to arrange a joint venture equity partnership with Sound Mark Partners. Additionally, JLL secured the five-year, non-recourse, floating-rate acquisition loan through Vancouver-based QuadReal Finance, Inc. on behalf of the new partnership.  JLL has now financed a total of 1,350 units for Old Three Hundred Capital since the onset of the COVID-19 pandemic.

"Summit at Rivery Park is well-positioned for growth with its location in one of the most sought-after suburbs of arguably the hottest real estate market in the country," said OTH Capital Managing Partner William Gottfried. "We are thrilled to add it to our portfolio and continue executing on our strategy of acquiring Class A assets in Austin's expanding metropolitan footprint."

Situated on 32 acres, Summit at Rivery Park is part of the first high-end, mixed-use development in Georgetown, Texas. Built in 2015, the community offers one-bedroom units ranging from 576 square feet to 772 square feet, two-bedroom units of either 1,013 or 1,092 square feet and three-bedroom units of 1,410 square feet. The larger development project is anchored by a 4-Star Sheraton Hotel and Conference Center, with additional development of office, restaurant, retail, luxury loft apartments and single-family townhomes that are near full capacity. The partnership plans to implement a property improvement plan that includes interior unit refreshes and updates.

Situated at 1400 Rivery Blvd., the property is less than 30 miles north of Austin and overlooks the North San Gabriel River near IH-35. It offers direct connection to the San Gabriel River Trail and is a short walk to the entertainment and dining in downtown Georgetown's City Square.

The JLL Capital Markets Advisory Team representing the borrower was led by Senior Director Marko Kazanjian, Senior Managing Director Max Herzog and Associate Andrew Cohen out of the New York City office, along with Senior Director Chris McColpin out of the Austin office.

“Between the OTH and Sound Mark joint venture and the QuadReal team, I could not have drawn up a better group of partners and lenders for this extremely smooth acquisition,” said Kazanjian.

MINNEAPOLIS, Feb. 1, 2022 – JLL Capital Markets announced today that it has closed the $61.6 million sale of Marquee, a 231-unit, mid-rise multi-housing community located in the Loring Park neighborhood of Minneapolis, Minnesota.

JLL represented the seller, Reuter Walton Development. KC Venture Group, L.L.C. acquired the asset.

Marquee consists of studio, alcove, one-bedroom and two-bedroom units with nine-foot ceilings, full-size washers and dryers, stainless steel appliances and quartz countertops. The property features many high-end community amenities, including a private conference room, bike storage, a dog wash station, a club room, a rooftop pool that converts to a hot tub in the winter, a resident lounge and a fitness center. The building also offers 8,865 square feet of first-floor retail space.

Located at 1410 Nicollet Ave., the property neighbors Loring Park, the largest green space in downtown Minneapolis. The community is less than a 15-minute walk to top employers within the Central Business District and is less than a 30-minute commute by interstate to top suburban job opportunities. Residents have convenient access to popular city attractions, including U.S. Bank Stadium, Target Field, Target Center, the State Theater, Walker Art Center, the Minnesota Orchestra and Brave New Workshop. Additionally, the community offers proximity to the University of Minnesota and Abbot Northwestern Hospital.

The JLL Capital Markets Sales and Advisory team was led by Managing Directors Mox Gunderson, Dan Linnell and Josh Talberg, along with Senior Director Adam Haydon.

“Marquee is a top-of-the-line, fully amenitized project with great visibility along Nicollet and a short walk to Loring Park,” said Gunderson. “The property drew significant interest from groups looking to capitalize on a very attractive basis compared to replacement in a city where going-in yields are significantly higher than other major metros across the country.”

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