JLL Secures $78M for Industrial, Multifamily Portfolios

JLL, Chicago, secured $77.9 million for industrial and multifamily portfolios in Massachusetts and New York.

In suburban Boston, JLL Senior Vice President Robert Borden and Executive Vice President Heather Brown sourced a $36.3 million 10-year loan from a life insurance company for a two-building industrial portfolio. L&B Realty Advisors LLP, Dallas, acquired the industrial portfolio on behalf of an institutional client.

The 775,000-square-foot portfolio included 1 Distribution Center Circle in Littleton and 154 Campanelli Drive in Middleborough.

“This fixed-rate financing is backed by fully-leased Class A buildings with secure and durable rent rolls in a fundamentally solid industrial market,” Borden said. “After assessing several competitive proposals, the life insurance company was able to provide the most compelling long term financing package for the asset.”

JLL also secured $41.6 million in financing for 12 rent-stabilized multifamily properties in the Bronx, N.Y. JLL Managing Director Jonathan Schwartz, Vice Chairman Aaron Appel, Executive Vice President Mark Fisher and Associate Brian Buglione represented borrower, a partnership between Taconic Investment Partners and a Clarion Partners client. Sterling National Bank, Montebello, N.Y., provided the loan.

Related Cos., New York, sold the 97 percent leased portfolio.

“The sponsors seized a great opportunity to acquire well-located multifamily product at scale with major upside potential through improvements,” Schwartz said.
Taconic Chief Investment Officer Chris Balestra noted multifamily demand throughout greater New York is consistently high. “Our planned capital improvement program will position us to capture that momentum,” he said.

The portfolio provides access to public transit via several subway lines, bus lines and MTA MetroNorth stops within walking distance of each property. They are also close to several major employment centers including Yankee Stadium, Fordham University, the Bronx County Courthouse and Lehman College.