CHICAGO – JLL Capital Markets announced today that it has arranged the $59.8 million construction financing for 741 North Wells, a shovel-ready, 21-story, 168-unit, Class A multi-housing project with 3,580 square feet of retail in downtown Chicago.

JLL represented the borrower, Vista Property, to secure the four-year, floating-rate construction loan through Huntington National Bank.

With an anticipated completion of the first quarter of 2024, 741 North Wells will feature spacious units with an average size of 740 square feet. Community amenities will include bike storage, a coworking lounge, a rooftop pool and sundeck and a state-of-the-art fitness center.

741 North Wells St. is positioned on the east side of North Wells Street immediately south of the Chicago Avenue intersection. Both Chicago Avenue and Wells Street are arterial thoroughfares, providing convenient east/west and north/south access. The property also offers residents proximity to the purple/brown and red lines. The central location of the project will allow residents easy access to Old Town, Rush and Oak Street Corridors, Magnificent Mile, River North, the Central Business District and the Clybourn Corridor. Additionally, residents will benefit from the growing corporate locations within the Wells Street Corridor and will be within a 15-minute walk to 3.9 million square feet of office space.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Christopher Knight, Director Mary Dooley, along with Associate Medina Spiodic.

“This project, which has been meticulously and thoughtfully designed by Vista, will be a wonderful addition to the vibrant River North community,” said Knight. “The terrific response from the capital markets is also a testament to the strong multifamily fundamentals in Chicago.” 

BOSTON – JLL Capital Markets announced today that it has arranged the construction financing for Center & Stone, a 201-unit, two-building multi-housing project with 9,500 square feet of retail space and 10,500 net square feet of amenity space in Quincy, Massachusetts.

JLL represented the borrower, FoxRock Properties, to secure the construction loan through Citizens Bank.

Upon completion, Center & Stone will include community amenities, such as a roof deck, an outdoor pool, 165 garage parking spaces and a resident lounge. Additionally, 3,000 square feet of the retail space will be leased to Citizens Bank, 6,500 square feet will be dedicated to a restaurant user and a ground-level suite will serve as a leasing and management office.

Located at 1170 and 1200 Hancock St., the property is strategically situated just steps away from the Quincy Center MBTA Red Line. In addition to public transit, the community will be easily accessible from I-93, creating a convenient commute to both downtown Boston and suburban employment. The project’s proximity to Route 3 will allow residents connectivity to the coast, Cape Cod and an array of outdoor recreation options. Walkable attractions in the new and vibrant Quincy Center include restaurants, bars, multiple parks and open spaces and art galleries.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Jonathan Schneider.

 “The FoxRock team has designed an ultramodern, transit-oriented residential project that will have an immediate positive impact on the evolving Quincy Center,” said Schneider.

MIAMI – JLL Capital Markets announced today that it closed the sale and arranged the equity of the Modera Academical Village development site, a two-phase, 793-home mixed-use apartment community with 16,000 square feet of ground-floor retail located on the campus of Nova Southeastern University in Davie, Florida.

JLL marketed the property on behalf of the seller, a partnership between the Brandon Company and Nova Southeastern University. Mill Creek acquired the asset. In addition, JLL also secured a joint venture equity partnership with FCP to capitalize the first phase of the project, as well as the acquisition of the land for the second phase.

Situated at 3400 S. University Drive, Modera Academical Village is located on the campus of Nova Southeastern University, adjacent to HCA Healthcare’s newly constructed, 950,000-square-foot hospital. The property is just 15 minutes from downtown Fort Lauderdale and within a 30-minute drive of 76 million square feet of office parks. The community’s proximity to I-595, Broward County’s primary east-west highway, will provide future residents convenient access to Florida’s Turnpike and I-95, as well as the rest of South Florida.

Modera Academical Village will be constructed in two phases. Phase I will be comprised of 397 homes in an eight-story mid-rise structure, and Phase II will include the remaining 396 homes in a 12-story structure. Phase I is anticipated to complete construction in 2024.

The JLL Capital Markets Investment Advisory team representing the seller was led by Manny De Zarraga, Maurice Habif, Simon Banke and Ted Taylor. The JLL Capital Markets Equity Advisory team was led by Mark Sixour and Simon Banke.

“Academical Village is a transformational project bringing a variety of uses to both Davie and Nova Southeastern University. Modera Academical Village plays a key role in this mixed-use development, providing highly desirable homes that are uniquely integrated with the university campus,” said Banke.

SAN FRANCISCO – JLL Capital Markets announced today that it has arranged the $345 million refinancing for Miro, a Class A, two-tower, 630-unit, high-rise multi-housing community located in downtown San Jose, California.

JLL represented the borrower, Bayview Development Group, to secure financing through Pacific Life.

The bold and modern designed two-tower 28-story Miro features studio-, one- and two-bedroom units averaging 933 square feet with floor-to-ceiling windows, contemporary Italian cabinetry and gracious balconies. Differentiating community amenities include nearly an acre of outdoor space, a pool and fitness deck, two rooftop sky lounges and a private art gallery. The ground floor of the tallest building in San Jose features a Starbucks and future full-service Italian restaurant and bar by Vine Hospitality.

According to Bayview Development Group, “This exceptional JLL team executed on both a challenging construction loan due to the pioneering nature of this project and this more recent permanent financing, in an unusually volatile market. We received a great pairing with Pacific Life, and we’re excited to embark on this new relationship.”

The JLL Capital Markets Debt Advisory team representing the borrower was led by Charles Halladay, Brandon Roth, Lillian Roos, Spencer Bergthold and Elijah Lax.

“There was an incredible amount of enthusiasm from lenders for this property, and Pacific Life was willing to provide long-term, fixed-rate financing while Miro is still in lease-up,” said Roth. “In turbulent times, there’s always a flight to quality, and Miro is the highest quality apartment community ever built in San Jose.”

BOSTON –  JLL Capital Markets announced today that Managing Director Martha Nay has been appointed to lead its newly formed multi-housing investment sales advisory team in its Boston office.

Nay will work with Director Kellie Coveney to provide investment sales advisory services for multi-housing clients in the Boston market. In an environment where it is critical to provide integrated solutions to clients, Nay and Coveney will work closely with Director Jacqueline Meagher, who specializes in multi-housing debt and equity advisory. The trio is the only all-female multi-housing brokerage team in the Boston market.

“The greater Boston market is as resilient and in-demand as ever,” said Nay. “The connectivity and access to real-time transaction information that the JLL platform offers will enable our team to continue to provide seamless deal execution to our clients. I look forward to continuing to expand the JLL brand in Boston, collaborating closely with Jackie and our multi-housing finance specialists to provide clients access to capital of all types.”

Nay, Coveney and Meagher all joined JLL as part of the HFF acquisition in 2019. Together, the team brings in almost 30 years of experience in commercial real estate. Collectively, they have been involved in more than $6 billion dollars of commercial real estate transactions.

The new team has formed to meet the increasing need for capital solutions within the Boston multi-housing sector. According to JLL Research, Boston multi-housing demand is largely impacted by the region’s diverse and cycle-resistant employment base. Most notably, the explosive growth in Boston’s technology and life science industries, which received record venture capital funding in 2021, is driving this need for housing. Additionally, transaction volume in the area hit an all-time high in 2021, reaching over $4 billion in multi-housing sales activity.

“We are thrilled to have both Martha and Kellie form our new multi-housing investment sales advisory team in a fast-growing and dynamic market like Boston,” said Executive Managing Director and Investment Sales and Advisory Platform Leader, Matthew Lawton.

“Martha has been providing best-in-class service to our clients for years, and her leadership will be greatly valued by our current and future clients,” said Senior Managing Director Chris Angelone, who serves as co-head of the Boston office. “We are excited for the value proposition of our integrated multi-housing team and plan to serve as a meaningful player in the market with the support of our platform both locally and nationally.”

MORRISTOWN, NJ – JLL Capital Markets announced today that it has arranged the $87.1 million financing of Valley and Bloom, a two-building, 258-unit, mixed-use multi-housing community in Montclair, New Jersey. In addition to the residential units, the property also includes 19,812 square feet of office space, 19,921 square feet of retail space and an attached parking garage.

JLL worked on behalf of the borrower, a joint venture between LCOR, Inc. and Madison International Realty, to secure a seven-year, floating-rate loan through PGIM Real Estate, the $209.3 billion real estate business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU), on behalf of its core strategy.

The six-story Valley and Bloom consists of studio, one-, two- and three-bedroom units with hardwood flooring, Caesarstone countertops, center islands, full-size washers and dryers, stainless steel appliances, tile flooring in bathrooms and 9.5-foot ceiling heights. The property’s amenity package includes two fitness centers, two rooftop terraces with barbecue grills, two courtyard lounge areas with fire pits, a resident lounge/club room, a Click Café, a children’s playroom and indoor bicycle storage. The ground floor office space is currently leased to Regus Corporation and Sotheby’s International Realty. The retail space consists of a mix of tenants, including Cycle Bar, Hand and Stone, Pure Barre, Row House, Amazing Lash, Waxing the City, AT&T and Sayola Restaurant.

At 34 Valley Rd., Valley and Bloom is conveniently situated in the main business district of the Township. The community is located within one mile of two NJ Transit commuter rail stations, Walnut Street Station and Bay Street Station, with direct service to Midtown Manhattan, and is proximate to the Garden State Parkway, Route 23, Interstate 280 and Interstate 80. The property is also near Montclair State University, Hackensack Meridian Health Mountainside, Nishuane Park and Eagle Rock Reservation.

The JLL Capital Markets Debt and Equity Advisory team representing the borrower was led by Senior Managing Directors Jim Cadranell and Jon Mikula and Vice President Michael Lachs.

“Valley and Bloom is a best-in-class asset that has performed extremely well.  It was a pleasure to work with LCOR, Madison, and PGIM on this transaction,” stated Cadranell.

“Demand is strong for new luxury multi-housing in transit-oriented communities,” added Mikula.

“We are pleased to complete this transaction in partnership with JLL,” said Justin Levitt, Executive Director of Financing at PGIM Real Estate, who led the transaction on behalf of the firm. “Multifamily continues to be a favored asset class and Valley and Bloom is a top asset for tenants and investors alike.”