JLL Secures $273M in Mixed-Use, Multifamily Deals
JLL, Chicago, secured $272.8 million for mixed-use, office and multifamily assets in the Houston and Denver areas.
Working for Institutional Mall Investors LLC, JLL Executive Managing Director Tom Melody and Senior Vice President John Ream secured $175 million to refinance Market Street–The Woodlands, a 493,000-square-foot mixed-use asset north of Houston. Morgan Stanley and Wells Fargo partnered to provide the fixed-rate loan.
The asset includes 375,500 square feet of retail space and 115,000 square feet of office space and more than 80 dining, shopping and entertainment options anchored by H-E-B and Cinemark. Other tenants include Tiffany & Co., Michael Kors and Tesla Motors. A 70-key Hyatt Centric hotel shadow-anchors the property.
In suburban Denver, JLL Managing Director Baxter Fain arranged $66 million to refinance Fiddler’s Green Center I & II. Bellco Credit Union provided the loan to The John Madden Co., which developed the two Class A office buildings in Greenwood Village, Colo. The 10-year fixed-rate loan priced at 4.625 percent.
Located off Interstate 25, Fiddler’s Green Center I & II each total 206,800 square feet.
Fain also secured $31.8 million in construction financing for a joint venture between Stockbridge and Wood Partners. The funds will develop Alta SoBo Station, a 187-unit transit-oriented multifamily community three miles from downtown Denver in the city’s South Broadway submarket.
MB Financial Bank, Chicago, provided the four-year floating-rate loan.
“The city has undergone an immense transformation during this cycle with unprecedented population growth in the urban core and millennials moving to Denver at a steady pace year-over-year,” Fain said. “Lenders have become selective for ground-up apartments, but capital is available to make high-quality projects happen.”
Alta SoBo Station is one half mile from Interstate 25 and a five-minute walk from the Alameda light rail station. It will provide residents access to both the central business district and Denver Tech Center, which is responsible for much of the city’s 3-plus percent job growth in recent years. Since 2006, Denver’s population has grown by more than 1.6 percent annually, more than double the national annual rate. The city’s unemployment rate remains just above 3 percent.
