Dealmaker: JLL Arranges $333M in for Mixed-Use, Seniors Housing

JLL, Chicago, arranged $332.5 million for Manhattan mixed-use assets and a Massachusetts seniors housing asset.

In lower Manhattan’s SoHo neighborhood, JLL Vice Chairman Aaron Appel, Executive Vice President Michael Diaz and Vice Presidents David Sitt and Eliott Zeitoune arranged a $305 million floating-rate loan to refinance three adjoining mixed-use buildings.

The financing covers 530 and 536 Broadway, both 10-story buildings, and 11-story 532 Broadway. The buildings total 201,225 square feet of rentable space. The ground floor retail space that totals 24,000 square feet is fully leased to tenants including Skechers and Club Monaco. The 177,000-square-foot office space is occupied by several tenants including flexible office start-up Knotel, which signed a lease this year.

Morgan Stanley, New York, provided the three-year non-recourse financing to borrowers Wharton Properties and Thor Equities, both headquartered in New York.

JLL and MSF Real Estate Capital also provided a $27.5 million Fannie Mae Delegated Underwriting and Servicing loan secured by Keystone Place at Buzzards Bay, a recently built 106-unit independent living, assisted living and memory care facility in Bourne, Mass., 60 miles south of Boston. 

Borrower Keystone Senior LLC refinanced the property’s construction loan and locked in a long-term fixed-rate, non-recourse loan with three years of interest-only payments.

MSF Real Estate Capital Senior Vice President Scott Moore and JLL Senior Vice President Joel Mendes arranged the early rate-lock financing.