Dealmaker: JLL Arranges $85M

JLL Capital Markets, Chicago, arranged $85.2 million for retail and condominium properties in Boulder, Colo. and Miami.

The firm arranged a $26.7 million refinancing for Alcove on Arapahoe, a 159,050-square-foot community shopping center in Boulder. JLL Senior Directors Tarik Bateh and Kristian Lichtenfels and Associate Jennifer Swanson represented the borrower, a co-investment partnership managed by Regency Centers Corp. They placed the 10-year fixed-rate loan with Nationwide Mutual Insurance Co., Columbus, Ohio.

The 1957-vintage Alcove on Arapahoe was most recently renovated last year. The center’s location at the corner of Arapahoe Avenue and the Denver-Boulder Turnpike sees 84,000 vehicles pass by per day. More than 96,000 residents with an average annual household income of $104,000 live within three miles of the center.

In Miami, JLL Capital Markets secured a $58.5 million construction loan from Bank OZK, Little Rock, Ark. The financing will support completion of 18-story 57 Ocean, which is now more than halfway complete and on schedule for delivery next fall.

Multiplan Real Asset Management is developing the 70-unit property, which will include 18 flow-through “Sky Residences” and a $35 million full-floor penthouse.

The JLL Capital Markets debt placement team representing MultiplanREAM included Executive Managing Director Manny de Zárraga and Director Jesse Wright.

MultiplanREAM said 11 units totaling $46 million went under contract in 45 days–an average of 1.3 sales per week.  57 Ocean will offer two- to four-bedroom residences starting at $1.5 million with sizes ranging from 1,200 to 3,600-plus square feet.