JLL Capital Markets arranges sale of fully integrated retail, office, medical office and multi-housing asset

BOSTON, June 10, 2021 – JLL Capital Markets announced today that it has closed the $40.5 million sale of Blue Back Square, a dynamic 445,661-square-foot mixed-use property with ground floor retail, best-in-class office and medical office space, along with 48 residential units in West Hartford, Connecticut. 

JLL marketed the property on behalf of the seller. The purchaser was a joint venture between Charter Realty & Development of Greenwich, Connecticut, and funds managed by Miami-based Rialto Capital.

Blue Back Square is a fully integrated mixed-use development consisting of six buildings on 6.4 acres at Memorial and Isham roads in West Hartford. The property is within West Hartford Center, which is known as “The Center” and is one of Connecticut’s most well established and dynamic trade areas. There are few – if any – opportunities for new development in The Center of this scale, and the area has historically commanded the highest rental rates for retail and office space in central Connecticut.

Completed in 2008, Blue Back Square anchors the center’s shopping and dining district and houses 208,596 square feet of retail, 104,224 square feet of Class A office space, 98,565 square feet of best-in-market medical office and the 48 loft-style apartment units. Notable tenants include Crate & Barrel, Barnes & Noble, Cinepolis Luxury Cinemas and an array of desirable local and national restaurants and stores.

The JLL Capital Markets Investment Advisory team included Chris Angelone, Zach Nitsche, Nat Heald and Dave Monahan, along with Sean O’Neil of JLL’s Leasing team.

 The five-property portfolio totals 844 affordable housing units in various neighborhoods

JLL Capital Markets announced today that it has closed the sale and arranged financing for a five-property multi-housing portfolio totaling 844 affordable housing units in various San Antonio, Texas, neighborhoods. JLL marketed the offering exclusively on behalf of the seller, Terravista Partners, and procured the buyer, Pico Union Housing Corporation. Additionally, working on behalf of the new owner, JLL arranged an acquisition loan through Rialto Capital Management. Remaining loan proceeds will be used to renovate the properties.

 The garden-style properties in the portfolio include Roselawn Apartments at 3346 Roselawn Road (120 units), Spanish Spur Apartments at 6835 Pecan Valley Drive (160 units), Villas of Pecan Manor at 6840 Pecan Valley Drive (160 units), Westwood Plaza Apartments at 2600 Westward Drive (308 units) and Winston Square Apartments at 2506 South General McMullen Drive (96 units). Constructed between 1960 and 1976, units average 769 square feet across the portfolio.

 The JLL Capital Markets team representing the seller was led by Senior Directors Moses Siller and Zar Haro.

 JLL’s Capital Markets debt placement team representing the new owner was led by Director Anson Snyder.

MORRISTOWN, N.J. – JLL Capital Markets announced today that it has arranged $20.5 million in financing for the acquisition of The Ashton, a newly completed, 93-unit, Class A apartment project in Jersey City, New Jersey.

JLL worked to secure the two-year, floating-rate loan through Rialto Capital Management on behalf of the borrower, Normandy Opportunity Zone Fund, LP, a closed-end, fully discretionary investment fund managed by Columbia Property Trust.

The Ashton is located at 2 Ash Street in Jersey City’s Bergen-Lafayette neighborhood, a qualified opportunity zone. The property consists of a six-story residential building with a unit mix, including 93 spacious apartments in a variety of one-bedroom, one-bedroom-plus-den and two-bedroom floorplans ranging from 706 square feet to 994 square feet per unit. The property also includes 62 covered parking spaces and an expansive 8,000-square-foot, second-story deck with fire pits, seating and New York City views. Other amenities include a rooftop deck with elevator access, two bicycle rack spots per unit, a state-of-the-art fitness center and key card access. Apartments feature porcelain tile throughout units, granite countertops, stainless steel appliances, individual tankless HVAC systems and in-unit washers and dryers.

The JLL Capital Markets team representing the borrower included Senior Managing Director Jon Mikula, Associate Andrew Zilenziger and Analyst Zachary Chaikin.

“We are thrilled to have been a part of one of the first acquisitions for the Normandy Opportunity Zone Fund,” Mikula said.

NEW YORK, NY – April 9, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured $97.1 million in financing for 111 Leroy, a boutique luxury condominium development in Manhattan’s West Village.

HFF worked on behalf of the developer, Property Markets Group (PMG), to arrange the two-year, floating-rate financing through Rialto Capital Management.  Loan proceeds were used to finance unsold condo inventory at the development, which consists of 13 residences and four townhouses totaling approximately 50,000 sellable square feet.  HFF previously secured construction financing for the project, which is now in the final stages of development.

111 Leroy consists of 18 bespoke residences within a 10-story, mid-rise tower at the corner of Greenwich Street in the West Village.  The residences offer a variety of studio through four-bedroom floor plans ranging from 506 to 3,370 square feet and the project’s five three- and four-story townhouses include multiple private terraces with fire pits, outdoor kitchens, hot tubs and private elevators.  The townhouses are available in a variety of four- and five-bedroom layouts averaging 5,397 square feet.  The one five-bedroom townhouse unit also includes a private parking garage with direct entry.  Homes will include high ceilings, nine-inch white oak flooring, LG washers and dryers, radiant floor heating, energy efficient HVAC systems, custom walnut cabinetry and Savant home automation.  In addition to the high-end interior finishes and exclusive Leroy Street address, 111 Leroy will also feature a 24-hour doorman, state-of-the-art gym, resident’s lounge, water views, and a landscaped yard with arbor garden, lounge area, fire pit and barbecue.

The HFF debt placement team included managing director Christopher Peck and analyst Kristen Knapp.