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.

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.”