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NEW YORK – JLL’s Capital Markets group announced today that it has arranged a $350 million debt and equity capitalization for the development of The Italic, a to-be-built, 363-unit, luxury mixed-use community located at 26-32 Jackson Ave. in Long Island City. The property will include 283,000 square feet of residential space and 10,000 square feet of commercial retail space.
JLL exclusively represented the borrower, American Lions, a joint venture between Fetner Properties and the Lions Group, to secure the loan. JLL also arranged the joint venture equity.
Upon completion, the property will feature 254 (70%) market rate units and 109 (30%) affordable units. The unit mix will comprise studio, one-, two- and three-bedroom floorplans averaging 770 square feet. The amenity offering will include a fitness center, two-bay golf simulator and lounge, basketball court, resident lounge, co-working space and a rooftop terrace. The building will feature an embedded touchless SALTO ecosystem and its own owner-provided commercial-grade Wi-Fi network throughout the building.
Situated at the intersection of Court Square and Queens Plaza, 26-32 Jackson Ave. neighbors burgeoning dining and retail along the Jackson Avenue retail corridor. The project is within walking distance of the Queens Plaza, Queensboro Plaza, Court Square and Court Square-23rd Street subway stations, providing direct access into Manhattan, as well as the outer boroughs. Nearby greenspaces include MoMa PS1, Gantry State Park, Sven Park and Queensbridge Park. Additionally, residents will benefit from the 11.7 million square feet of office space within the Long Island City market.
JLL’s Capital Markets Debt Advisory team was led by Senior Managing Director Christopher Peck and Director Alex Staikos. Senior Managing Director Rob Hinckley, Senior Director Steven Rutman and Director Nicco Lupo led JLL’s Capital Markets Equity Advisory team.
“We are thrilled to work with these experienced New York City real estate developers to bring much-needed mixed-income housing to one of the city’s most popular neighborhoods,” said Rutman.
“With the backing of strong capital partners, 26-32 Jackson Ave. promises to be a dynamic new addition to a neighborhood that has become one of the most popular in the city thanks to its diverse retail, recreation and living options and easy commute to Manhattan,” added Lupo.
JLL’s Capital Markets group 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.
MIAMI, May 17, 2023 – JLL Capital Markets announced today that it has arranged the recapitalization of Landmark South, a 631-unit, mid-rise multi-housing community in Doral, Florida.
JLL worked on behalf of the borrower, JSB Capital Group, to secure the five-year, $154.1 million senior loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.
JLL simultaneously arranged a $65.8 million preferred equity investment from Pensam.
Built across two phases in 2017 and 2021, Landmark South features units with terraces, courtyard views, stainless steel appliances, in-unit washers and dryers, European-style cabinetry, walk-in closets and an average size of 1,017 square feet. Community amenities include, grilling stations in outdoor courtyards, fitness centers and more.
The property is located at 6055 NW 105th Ct.
The JLL Capital Markets Advisory team was led by Senior Director Jesse Wright, Managing Director Brian Gaswirth, Managing Director Maurice Habif, Senior Director Simon Banke and Senior Director Ted Taylor.
According to Wright and Gaswirth, “The borrower was able to take advantage of a highly competitive preferred equity market alongside strong senior financing from Freddie Mac to significantly lower its cost of capital on this trophy asset. Pensam and Freddie Mac both delivered in the face of significant macro headwinds.”
Hen Shoval, Director of Investments at Pensam, stated, “We have been incredibly active in providing structured finance solutions to complete the capital stack on deals such as Landmark South. The current interest rate environment is leading to compressed senior loan proceeds, which in turn is creating funding gaps that can be addressed with Pensam’s preferred equity or mezzanine debt. Over the past few years, we have closed well over one hundred transactions of this kind and are therefore experienced to navigate through complex transactions in compressed timeframes.”
Pensam is a Miami-based multifamily real estate investment platform that has invested in $7.5 billion across its platform and in across 50,000 apartment units in 28 states. The firm focuses on the multifamily sector by making direct equity investments and by delivering structured finance capital solutions, such as bridge loans, preferred equity, and mezzanine debt, to other sponsors.
“Working closely with Pensam and JLL provided us unique visibility into the professionalism and smarts of these two organizations,” said Jared Frydman, JSB Senior Managing Director and Head of its Miami office. “This was not a transaction short on complexity or volatility. We raise our hands in tribute to Pensam and JLL for closing this deal so quickly and forthrightly. Landmark South is a jewel in the constellation of Doral, and JSB looks forward to helping it shine even more brightly in the years ahead.”
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. 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 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 sales and 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.
DENVER – JLL Capital Markets announced that it has arranged $38.5 million in construction financing, in addition to Co-GP equity, for Residences at Bolivar, a 184-unit, Class A, luxury multi-housing development with 2,611 square feet of ground-floor retail located in downtown Cleveland, Ohio.
JLL represented the borrower, SomeraRoad Inc., to arrange the $38.5 million loan through a Midwest-based regional bank. JLL also secured Co-GP equity investment with LCI Development Partners, an affiliate of Leopardo Companies, who is acting as the General Contractor on the project.
Set to deliver in early 2025, the seven-story community will be an adaptive re-use project that is built on top of a refurbished, three-story 277-space parking garage. The property will feature studio, one-bedroom and two-bedroom units averaging 703 square feet. The development will offer luxury unit finishes and a highly impressive amenity package, including a resort-style pool, sun deck, resident lounge, fitness center, package room and bike storage. The exterior of Residences at Bolivar will pay homage to the neighborhood’s historic roots, while the interior will support high-end living.
Situated at 1060 Bolivar Road, within an Opportunity Zone, Residences at Bolivar will be located within the core of the Cleveland CBD in the highly walkable Gateway District. It will be bounded by Bolivar Road, East 9th Street and Erie Court, and the property’s central location creates the opportunity for a live-work-play-stay destination. Residents will be minutes from Progressive Field, Rocket Mortgage Field House, countless bars, restaurants and venues, as well as adjacent to an office property also owned by SomeraRoad. The community will offer phenomenal access to Interstate 90 and Highway 20 via East 9th Street and will be proximate to the various public transportation stops that provide access to the Tower City Center, which is only .5 miles from Bolivar Road.
The JLL Capital Markets Advisory Team representing the borrower was led by Senior Managing Director Leon McBroom, Managing Director David Gaines and Directors Lucas Borges and Will Haass.
“Residences at Bolivar is a testament to capital’s appetite for uniquely positioned development opportunities, spearheaded by first class developers like SomeraRoad and LCI Development Partners.” said Director Will Haass, “Cleveland saw 15.3% rent growth year-over-year and has proven to be a resilient market. Residences at Bolivar will be a welcomed new construction offering to the market.”
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.
JLL Capital Markets announced today that it has arranged $84 million in construction financing for Overland and Ayres, a 201-unit, best-in-class multi-housing community in West Los Angeles, California.
JLL worked on behalf of the borrower, an affiliate of GPI Companies, to secure the floating-rate construction loan through Citizens.
With an anticipated completion in 2024, the six-story Overland and Ayres will be fully integrated with the award winning, newly constructed West End creative campus. It will feature 100% market-rate units, consisting of 56 studios, 97 one-bedroom units, 39 two-bedroom units and nine townhomes fronting Ayres Avenue. Amenities include a cutting-edge health club with open-air environments, including a podium pool deck and outdoor fitness lawn. Additionally, the community will include approximately 6,200 square feet of commercial space.
Situated at 2455 Overland Ave., the project is in an affluent West Los Angeles neighborhood and is proximate to numerous entertainment and employment drivers. Additionally, residents will have convenient access to the Metro Expo Line (located within a half mile), Interstate 405 and Interstate 10.
The JLL Capital Markets team was led by Executive Managing Director Kevin Mackenzie, Senior Managing Directors Greg Brown and Jeff Sause and Directors Sam Godfrey and Charlie Vorsheck.
“We are proud to have been able to source a construction loan that satisfied our client’s needs despite economic headwinds and rising interest rates and look forward to seeing this beautiful project come to life,” said Brown.
JLL Capital Markets announced today that it has arranged the $3.2 million financing for Element 79, a 40-unit, garden-style apartment complex in Helena, Montana.
JLL marketed the loan on behalf of the borrower, Graystoke Capital Partners, to secure the seven-year, full-term interest only, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Constructed in 1963 and renovated in 1985, the property features studio, one-, two- and three-bedroom units with an average size of 656 square feet. Community amenities include storage lockers, community laundry, high speed internet, pet-friendly offerings, easy parking and convenient walkability.
Situated at 301 W. Lawrence St., the community is located within walking distance to Helena’s historical Last Chance Gulch commercial and entertainment district.. Mt. Helena is less than an 11-minute walk from the property. Additionally, the community sits in the Helena School district, a top tier district in all of Montana.
”We are thrilled with the execution delivered within a tight timeframe by Tony and his team at JLL. Regardless of loan size, they make the Agency process smooth,” noted Matt Steffen, Managing Principal at Graystoke Capital Partners.
The JLL Capital Markets Debt Advisory team was led by Managing Director Tony Nargi.
“JLL is thrilled to be involved in another financing for Graystoke. They are an absolutely tremendous owner operator in the Mountain West that can uncover excellent deals in any market environment. Fannie Mae provided very strong pricing, full-term interest only and an overall great execution for this 5-50 unit “mission-driven” property,” said Nargi.
MIAMI – JLL Capital Markets announced today that it has closed the construction financing for Infinity at the Colony, a 96-unit, luxury, high-rise condominium development located within The Colony Golf & Bay Country Club in Bonita Springs, Florida.
JLL represented the borrower, The Ronto Group and Wheelock Street Capital, to secure the loan through MSD Partners.
The 21-story Infinity will rise above the Gulf Coast and feature three- and four-bedroom luxury residences with five open-concept floor plans ranging from 3,075 square feet to 4,020 square feet. Each unit will be serviced by private elevators and will have gourmet kitchens, floor-to-ceiling windows, oversized private balconies and private two-car garages. The endless, resort-style amenities at the Infinity include a beach-entry family pool, adult lap pool, a fitness center with steam and sauna rooms, a game room, a rooftop sunset terrace and a poolside bar and grill, which will be the only of its kind among properties in The Colony. Additional exterior amenities will include bocce and pickleball courts and a luxury 9-hole putting golf course designed by Beau Welling.
Situated at 4820 Pelican Colony Blvd., Infinity is located within The Colony, a highly sought-after country club community located just west of US 41 between Naples and Fort Myers. The Colony features approximately 1,000 residences built among 18 unique neighborhoods that range from high-rise condos with exceptional views of Estero Bay and the Gulf of Mexico to single-family estate-sized villas. Infinity is the first of two towers planned for the parcel, which is the last available development site within The Colony. Additionally, The Colony is set within the larger, master-planned Pelican Landing, which is home to more than 3,350 residences and provides residents of The Colony access to Pelican Landing Beach Park on Big Hickory Island, the Pelican Landing Community Center and Fitness Center, the Pelican Landing Tennis Center, pickleball courts, two kayak facilities, a sailing facility and bocce courts.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Steven Klein, Managing Director Brian Gaswirth and Associate Paul Adams.
“The Ronto Group and Wheelock Street Capital continue to find superior development sites and deliver some of the highest quality condo projects throughout Southwest Florida,” said Klein. “Infinity is a perfect example of their success as evidenced by its strong presales.”
“We are pleased to partner with The Ronto Group and Wheelock Street Capital to finance this unique development and extend our commitment to investing in high-quality real estate in Florida,” said Adam Piekarski, Managing Director and Co-Head of Real Estate Credit at BDT & MSD Partners.
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.
