Dealmaker: JLL Secures $144M for Condominiums, Multifamily

JLL, Chicago, secured a $137M construction loan for Monad Terrace, a 59-unit waterfront condominium in Miami Beach, Fla.

Madison Realty Capital, New York, supplied the loan to JDS Development Group, Miami Beach. JDS Development partnered with New Valley LLC, Miami, Ackerman Development, New York, and Mink Development, New York, on the Biscayne Bay project.

JLL Vice Chairman Aaron Appel led the debt-placement team. He called the financing one of the largest construction loans issued for a Miami Beach development this year.

Monad Terrace construction is expected to begin next month with completion scheduled for fall 2019.

“It speaks to the quality of Monad Terrace that Madison Realty had the confidence to fully finance the construction of the project,” Appel said.

JLL also secured $7.15 million in refinancing for The Shops at Spring Village, a fully leased Spring, Texas retail center. Managing Director Jimmy Board and Analyst Connor Harrell led the JLL team working for Capital Retail Properties, Houston. Goldman Sachs, New York, provided the fixed-rate non-recourse loan.

“This property offered lenders the opportunity to finance a new construction retail center with zero short-term rollover and stable cash flow,” said Board. “Located in the emerging Grand Parkway/I-45 corridor, the center is set to benefit from the area’s ongoing growth and development.”

Located at the southeast corner of Spring Stuebner and Holzwarth Roads, The Shops at Spring Village is next to a Kroger-anchored shopping center and 300 units of Class A multifamily. Built in 2017, local and national tenants including AT&T, Red Wing Shoes and Dunkin’ Donuts.

Houston’s retail market remains strong with continued high occupancy and rising rents, JLL noted. The retail market started the year with 1.24 million square feet of positive net absorption and a 5.4 percent market-wide vacancy rate.