JLL Capital Markets announced today that it has closed the sale of the 150-unit Residence at SouthPark multi-housing property located at 4300 Sharon Rd. in the SouthPark submarket of Charlotte.  

JLL closed the property sale from institutional investors advised by J.P. Morgan Asset Management to a fund sponsored by CBRE Global Investors. 

Built in 2007, the Residence at SouthPark offers one-, two- and three-bedroom apartments that average 1,573 square feet each. The property sits on 5.56 acres and totals 236,189 square feet, holding 96% occupancy. All units include 10-22’ ceilings, built-in bookcases and workstations, gourmet kitchens, washers and dryers, granite countertops and stainless-steel appliances. Additionally, the Residence at SouthPark offers penthouse and loft apartments. Community amenities include a rooftop deck with a saltwater pool and firepits, club level with skyline views, 24-hour fitness center, business center, game room and a coffee, tea and wine bar. 

The SouthPark submarket has been noticing a boom in interest because of the area’s recent urbanization in response to demand from young families desiring more space with suburban schooling without sacrificing city-life amenities. With walkability to local dining, retail and grocery top-of-mind, the apartments are in close proximity to Whole Foods and the premier SouthPark Mall and Sharon Square shopping destinations, among others. SouthPark is near other elite Charlotte neighborhoods such as Myers Park, which is just five minutes from the property and offers more than 675,000 square feet of office and 247,000 square feet of retail; and Dilworth, which offers over 767,000 square feet of additional retail, restaurants, galleries, pubs and more. 

The JLL Capital Markets team representing the seller was led by Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Jeff Glenn.  

“Residence at SouthPark is an iconic Charlotte address that is primed for renovation after originally delivering in 2007,” said Lynch. “The community’s concrete construction and oversized units also make it one of the most attractive assets in the Carolinas.”

“The Residence at SouthPark is a well-maintained and well-located asset in suburban Charlotte, where we believe we will continue to see outsized demand for high-end apartments,” said Robert Perry, Executive Managing Director of CBRE Global Investors. “This particular asset performed well throughout the COVID-19 pandemic, in part due to its oversized layouts and boutique unit count. We are looking forward to the continued successful operation of the property by our team.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL arranged the loan for the best-in-class boutique property with ground-floor retail  

WASHINGTON, D.C., July 8, 2020 – JLL Capital Markets announced today that it has arranged a $34.25 million refinancing for Element 28, a 101-unit, best-in-class boutique apartment building with 3,500 square feet of ground-floor retail space in Bethesda, Maryland.  

JLL worked on behalf of the borrower, a partnership between institutional investors advised by J.P. Morgan Asset Management and KETTLER, to place the three-year, floating-rate loan with two one-year extension options with MetLife Investment Management. Loan proceeds will be used to refinance existing debt.  

Constructed in 2017, Element 28’s mix of one- two- and three-bedroom units features best-in-class unit features, including Bosch and Thermador appliances with paneled refrigerators and dishwashers, designer lighting package with island pendants and kitchen task lighting, MechoShade blinds, white quartz and granite countertops, glass kitchen backsplashes, wood plank flooring, private terraces, custom closet shelving and stone-tiled spa showers and soaking tubs. Community amenities include a 24-hour concierge, WiFi lounge with complimentary coffee, temperature-controlled wine lockers, conference room fitness studio, retractable glass-walled rooftop lounge, green roof areas, plaza accessible bike parking, bike storage and transit screen providing real time status of transit options.  

Element 28 is at 100 Commerce Lane, an irreplaceable location steps from the intersection of Wisconsin Avenue and Old Georgetown Road in Bethesda’s live-work-play area. With a WalkScore® of 95, which categorizes the property as a “Walker’s Paradise,” Element 28 is one block from the Bethesda Metro Station and near the high-end shopping at Bethesda Row and Woodmont Triangle.  

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Kelly Gaines, Senior Director Jennifer Keller, Managing Director Jamie Leachman and Associate Amy Lousararian. 

“The strength of the sponsorship, Class A+ product and core location in one of the most sought-after markets in the D.C. Metro all contributed to tremendous interest from the lending community,” Leachman said. “JLL is thrilled to have helped the partnership close this transaction with Met Life, who performed flawlessly and never wavered during these uncertain times.”

NEW YORK — JLL Capital Markets announced today that it has arranged financing for the acquisition of The Castle, a 120-unit luxury rental community located at 201 Willett Avenue in downtown Port Chester, N.Y. The group worked on behalf of Anthos Properties to place the $28 million loan with Fannie Mae.

Built in 2015, The Castle is a quintessential luxury, transit-oriented apartment asset located in the heart of rapidly transitioning downtown Port Chester. Institutionally developed, maintained and owned, the property is considered a cornerstone development in Port Chester’s emerging commercial district and exhibits the highest-end institutional design and execution. The 120-unit building offers a large amenity base, prominent lobby, ground-floor retail unit and subterranean parking.

Anthos Properties acquired the luxury rental community for $38.6 million from institutional investors advised by J.P. Morgan Asset Management.

JLL’s Kelly Gaines and Sophie Gaylor represented the buyer in obtaining financing for the acquisition.

“The Castle is a Class A asset in a transit-oriented location such that lenders were able to understand and get comfortable with Anthos’ business plan to maximize the value of the property in order to provide very aggressive terms for the loan,” said Gaines. “Working in tandem with our agency lending team we were able to present Anthos a multitude of options and remain flexible amongst those options until right before closing of the loan.”

“Anthos Properties was instantly attracted to The Castle’s overall quality and best-in-class amenities package,” said Paul Anagnostopoulos, director of acquisitions for Anthos Properties. “The Castle’s location, which is less than 1,000 feet from the train station, and a quick walk to Port Chester’s emerging entertainment and restaurant scene, were also driving factors in our decision to acquire the asset.”

WASHINGTON, D.C. – October 31, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $156.2 million in financing for Modera Avenir Place, a best-in-class residential property in Vienna, Virginia.

The HFF team worked exclusively on behalf of the borrower, a joint venture between Mill Creek Residential Trust LLC and institutional investors advised by J.P. Morgan Asset Management, to secure the floating-rate loan with MetLife Investment Management.  Loan proceeds were used to retire existing construction financing.

Modera Avenir Place is situated at the intersection of Prosperity Avenue and Gallows Road adjacent to the Shops at Avenir Place and Interstate 66.  The transit-oriented community is adjacent to the Dunn Loring-Merrifield Metrorail station (Orange Line) and numerous major thoroughfares that provide accessibility to the entire D.C. metropolitan area.  Modera Avenir Place, a grocery-anchored mixed-use development, was completed in two phases in 2013 and 2015.  The community comprises 628 residential apartment homes averaging 882 square feet, 578 of which are market-rate units.  The studio, one- and two-bedroom floor plans include state-of-the-art features such as gourmet-inspired kitchens with stainless steel appliances and quartz countertops, central heat and air conditioning, high-end light fixtures, hardwood-style flooring and abundant storage.  Community amenities include two swimming pools with sun decks, grilling stations, billiards and gaming consoles, and business centers with cyber cafes.  The property includes a ground-floor Harris Teeter, Inova Care Center and Thai by Thai restaurant.

The HFF team representing the borrower included Nicole Brickhouse, Jamie Leachman, Jennifer Keller, Mike Tepedino, Sue Carras, Walter Coker and Brian Crivella.

Holliday Fenoglio Fowler, L.P. (HFF) announces the permanent financing for Apollo on H Street, a best-in-class, pre-stabilized residential, retail and office mixed-use property in Washington, D.C.’s H Street Corridor.

The HFF team worked on behalf of the borrower, a partnership between Insight Property Group and institutional investors advised by J.P. Morgan Asset Management, to secure the fixed-rate loan through TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA).  HFF previously arranged construction financing and joint venture equity for the partnership in 2014 while the property was in development.  

Apollo on H Street is in Washington, D.C.’s historic H Street Corridor at 600 H Street NE. With a WalkScore® of 97, the property is near numerous lifestyle and employment amenities and is five blocks from Union Station, which serves as the main rail transportation artery into and around the D.C. metro.  Completed in 2017, Apollo on H Street encompasses 431 apartments with luxury finishes, including Italian cabinetry, quartz countertops, stainless appliances and wood floors throughout. The apartments were 70 percent leased at the onset of the marketing process. In addition, the property features 57,000 square feet of fully leased retail space anchored by a 40,000-square-foot Whole Foods and a 32,000-square-foot office component occupied by WeWork.

Apollo on H Street also has 60,000 square feet of indoor/outdoor amenity space, including a public lobby and leasing lounge connected to the Wydown Café; world-class art collection curated by Long View Gallery and Art Enables; penthouse with demonstration kitchen, indoor fireplace and table games; conservatory event space with access to the roof terrace; east rooftop lounge with grilling kitchens, a movie projector and expansive landscaping; west rooftop lounge with outdoor living room, grilling kitchen, two-tiered swimming pool and outdoor fireplace; indoor dog wash and outdoor dog run; gym with private studio, boxing area and Peloton bikes; and communal gardens.

The HFF debt placement team representing the borrower included Jamie Leachman, Nicole Brickhouse and Jennifer Keller.

“We are seeing more and more available capital right now for both pre-stabilized and recently stabilized assets,” Leachman said.  “Given the quality, location and sponsorship, Apollo on H Street created significant interest from the lending community, providing the partnership multiple options from which to choose.”

“HFF was fortunate to have been involved in the permanent financing of the Apollo,” Brickhouse added.  “Insight Property Group and J.P. Morgan have created a one-of-a-kind asset.  Due to the extremely competitive environment for best-in-class, pre-stabilized assets, multiple lenders were able to get creative underwriting the asset as if it was stabilized.  TH Real Estate was fantastic to work with and ultimately provided the borrower with the most long-term flexibility.”