MORRISTOWN – JLL Capital Markets announced today that it has arranged the $57.5M financing of EVO, a 220-unit, newly built, luxury multi-housing property located in downtown Englewood, New Jersey.

JLL represented the sponsorship, a joint venture between Claremont Development, Cypress Equity Investments and Battery Global Advisors, to secure the eight-year, fixed-rate loan through The Guardian Life Insurance Group of America.

EVO features spacious studio, one- and two-bedroom residences with ceilings reaching nine feet, chef-inspired kitchens with stone countertops, tiled backsplashes, stainless-steel appliances, plank flooring, oversized windows, walk-in closets, washers and dryers and private outdoor space in select homes. Community amenities include a resident lounge, co-working lounge, fitness center, yoga studio, outdoor swimming pool, outdoor bar and barbecue lounge seating, club room, fire pits and a pet spa.

The community is located at 40 Bennett Rd. within the inner ring of the New York Metropolitan area, offering exceptional highway access to New York City, as well as New Jersey’s most traveled commuter thoroughfares. Situated on the westbound side of Route 4, EVO provides direct connections to the George Washington Bridge, I-80, Route 17 and the Garden State Parkway in just five minutes. The entrance to the New Jersey Turnpike (I-95) is located just over one mile from the property, and the Palisades Interstate Parkway and Interstate 80 are within five minutes of the property. In addition to the excellent highway accessibility, EVO is also set in a walkable location in downtown Englewood’s restaurants and parks.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Klein and Jon Mikula, Associate Gerard Quinn and Analyst Benjamin Morgenthal.

“JLL is pleased to have secured financing for EVO as the project evolved, starting with the construction loan we placed on the property in 2019 and now coming full circle to secure permanent financing as the property stabilizes,” said Klein.

“EVO has been a tremendous success and addition to downtown Englewood,” added Mikula.  “Guardian was able to quickly understand nuances of the project and lock down this transaction in a fast-moving capital markets environment.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

SAN FRANCISCO, Oct. 20, 2022 – JLL Capital Markets announced today that it has arranged the $69 million construction financing for Centro Callan, a brand-new, luxury mixed-use apartment complex located in the heart of San Leandro. This new development will offer 196 multi-housing apartments in a five-story building that will also include 31,000 square feet of ground floor retail anchored by Sprouts Farmers Market.

JLL represented The Martin Group, Sansome Pacific Properties and STARS REI to secure the floating-rate construction loan through Principal Real Estate.

Centro Callan will consist of a mix of studio, one-, two- and three-bedroom units, all outfitted with quartz countertops, backsplash, stainless steel appliances, full-size washers and dryers, wide plank flooring, kitchen islands, smart access control and oversized patios and balconies in select units. The building amenities include 20,000 square feet of open space along with a dog park, dog wash station, chef’s entertaining kitchen, clubroom with televisions, indoor phone booths and conference rooms, outdoor work pods, outdoor barbeques and televisions, outdoor game area and a secret garden.

The JLL Capital Markets team was led by Brandon Roth, Spencer Bergthold and Elijah Lax.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

MORRISTOWN, N.J. – JLL Capital Markets announced today that it has arranged $32.45 million in construction financing for The Rail at Bound Brook, a to-be-constructed, 143-unit, mid-rise, transit-oriented, Class A apartment community located within an Opportunity Zone in Bound Brook, New Jersey.

JLL represented the sponsorship, a joint-venture between Denholtz Properties and Redwood Real Estate Group, to secure a three-year, floating-rate loan through Citizens.

The six-story The Rail at Bound Brook will feature studio, one- and two-bedroom floorplans with designer kitchens, large windows, walk-in closets, nine-foot ceilings, stainless steel appliances, in-unit full-size washers and dryers, balconies and large terraces in select units and an average size of 811 square feet. Community amenities will include a large lobby, a resort-style furnished courtyard with lounge areas, an upscale 4,030-square-foot club suite, a game room, yoga studio, a co-working space and garage parking. Additionally, the property will offer 650 square feet of retail space and 149 parking spaces.

Located at 100 Hamilton Street within Somerset County, the site is in downtown Bound Brook across the street from the Bound Brook Train Station, adjacent to the Brooks Art Center and proximate to numerous shops and restaurants. The community will offer exceptional access to Central and Northern New Jersey via nearby highways, including I-287, I-78 and Route 22. Additionally, the site is approximately 34 miles west of New York City and is walkable to commuter rail service to Manhattan. The Rail at Bound Brook’s location is further enhanced with downtown’s designation as a Transit Village by the New Jersey Department of Transportation (“NJDOT”).

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Michael Klein and Jon Mikula and Vice President Michael Lachs.

“Bound Brook has experienced a resurgence of new multi-housing development as demand continues to outweigh supply. The Rail at Bound Brook will provide best-in-class amenities and luxury,” said Mikula.

“JLL is pleased to have secured construction financing for the sponsorship.  This is a transformational project for the market, and we look forward to watching the development progress,” added Klein.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos, and research resources on JLL, please visit our newsroom.

TAMPA, Oct. 6, 2022 – JLL Capital Markets announced today that it has closed the $9 million sale of an off-market, shovel-ready, 180-unit apartment development site in Sarasota, Florida.

JLL represented the seller, a joint venture between Defined Companies, co-founded and led by Noah Leon and Steven Guasch, and Nadeb Investment Group, led by President Eben Mensah. Arlington Properties, Inc. acquired the asset.

Prior to the sale, Defined and Nadeb secured all entitlements, approvals and permits for the development of a five-story 180-unit apartment community. The project will feature one- and two-bedroom floor plans, as well as an expansive amenity base that includes a double-volume resident clubhouse and leasing center, an indoor/outdoor fitness center with a dedicated yoga room, resort-style pool deck with an outdoor pavilion, an indoor/outdoor gaming area, resident coworking spaces and private offices, a dog park, a Zen courtyard with lush landscaping and a calming water feature and an intimate gazebo overlooking the pond and conservation area.

Situated at 3045 Broadway Ave., the property allows residents convenient access to U.S. Route 301, University Parkway and I-75. Additionally, the site is less than five miles from downtown Sarasota and less than three miles from Sarasota Bradenton International Airport.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Director Simon Banke and Managing Director Zach Nolan.

“This project was very special to us as it aligned with our core values of being socially and environmentally conscious developers.  Our team worked alongside the respective governmental agencies to identify and propose creative solutions to a multitude of unique site constraints, creating value on land once considered ‘undevelopable’ by others.  We were able to accomplish the preservation of wetlands and incorporation of attainable housing, while maintaining our high-quality design standards.  It is with great pleasure that we pass the torch to Arlington Properties, and we look forward to their success,” said Noah Leon and Steven Guasch of Defined.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

SAN FRANCISCO, CA – JLL Capital Markets announced today that it has arranged $94.3 million in construction financing for a 189-unit, four-story, Class A multi-housing development located in downtown Pleasant Hill, California.

JLL worked on behalf of the borrower, Gemdale USA, to secure the senior financing through Bank OZK and the mezzanine financing through AvalonBay Communities.

Situated at 85 Cleaveland Rd., the property is located in downtown Pleasant Hill and is adjacent to 350,000 square feet of retail stores, restaurants and a movie theater. Once complete, the project will offer a first-class amenity package, including a fully equipped fitness center, communal lounges, state-of-the-art clubroom, an outdoor courtyard with lounge seating, an amenitized rooftop and pool deck, co-working lounge and outdoor meeting rooms, fireplaces and a resort-style feel.

The JLL Capital Markets Debt and Equity Advisory team representing the borrower was led by Brandon Roth, Nicco Lupo, Jordan Angel and Tatiana Hodapp.

“This is a remarkable development site,” said Roth. “Gemdale is replacing an obsolete office building that sat vacant for years with 189 units of high-quality housing that is desperately needed in this area.  Given the lack of developable sites, the community in downtown Pleasant Hill hasn’t benefitted from new apartments in over 30 years.”