Dealmaker: JLL Arranges $137M for Multifamily
JLL Capital Markets arranged nearly $137 million in financing for multifamily projects in California, Colorado and New Jersey.
JLL arranged $58.5 million in financing for a recently renovated, five-property multi-housing portfolio totaling 328 workforce-oriented housing units in San Diego. JLL worked exclusively on behalf of the borrower, Real Asymmetry, to arrange the 10-year, fixed-rate loan through Union Bank. The loan proceeds were used to refinance existing bank debt at a lower rate, including an initial interest-only period, and provided for a very flexible prepayment structure.
The properties are located in and around the East San Diego submarket, one of the fastest growing multi-housing markets in Greater San Diego. The portfolio includes Asana at North Park at 3710-3810 Wabash Avenue; Pacific Cove at 4019 Oakcrest Drive; Tierra Del Rey at 3675 King Street; Tiburon at 7740 Parkway Drive; and 14th Street at 1028 14th Street. The portfolio’s average occupancy at closing was 96%.
The JLL Capital Markets team representing the borrower was led by Senior Director Zane Sweet.
In New Jersey, JLL Capital Markets announced arranged $17.5 million in financing to develop The Rail @ Red Bank, a 57-unit, Class A apartment project in Red Bank, Monmouth County.
JLL worked on behalf of the borrower, Denholtz Properties, to secure the 30-month, floating-rate construction loan followed by a 10-year forward permanent loan through Provident Bank.
The Rail @ Red Bank will consist of 57 luxury units along with more than 6,500 square feet of retail space and a two-level, on-site parking garage with 147 spaces. The property will provide residents with modern amenities such as two grand amenity decks, a rooftop deck, fitness center with a yoga studio and fitness on demand, resident clubroom, bike storage room, dog wash station and game room. Unit features will include stainless steel appliances, engineered wood flooring in the living areas, tiled bathrooms, quartz/granite countertops, nine-foot ceilings, in-unit washers and dryers and heating/cooling systems.
The property is positioned in a transit-oriented location at 116-118 Chestnut Street, adjacent to the Red Bank Train Station. In addition to train service, the property is proximate to Academy Bus service and the Seastreak Ferry from Atlantic Highlands. The property also offers access to major roadways, including State Route 35, the Garden State Parkway and County Route 520. Completion is expected later this year.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Associate Andrew Zilenziger.
In Jersey City, JLL Capital Markets arranged $41 million in acquisition financing for BELA, a newly developed, 104-unit, luxury apartment community located within a qualified opportunity zone in the city’s Bergen-Lafayette neighborhood.
JLL worked on behalf of the borrower, Golden Glades Capital Management, to arrange the two-year, floating-rate loan that was provided by Ares Commercial Real Estate Corp.
BELA is situated one block from Liberty State Park’s Hudson-Bergen Light Rail station and less than one mile from Interstate 78, which provides accessibility to the Hudson Waterfront, lower Manhattan and the greater New York MSA. Completed in 2019, the eight-story property features construction and unit design, offering a diverse mix of one- and two-bedroom apartments averaging 982 square feet.. Community amenities include rooftop views of the Manhattan and Jersey City skylines, a fitness center, yoga studio, grilling stations, outdoor lounge, club room and furnished suites for guests. BELA also offers onsite parking and bike storage via its first-floor garage and 2,600 square feet of ground-level retail.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Director Matthew Pizzolato.
In Denver, JLL Capital Markets arranged $18.85 million in financing for Bloom at Cherry Creek, a 111-unit, Class A mid-rise apartment property currently under construction in the city’s Cherry Creek submarket.
JLL worked on behalf of the borrower, Botnick Realty, to secure the five-year, fixed-rate construction loan through a regional bank.
Bloom at Cherry Creek is being constructed on a 1.11-acre site at 4700 E. Kentucky Avenue, which provides immediate access to recreation amenities, including the Cherry Creek Bike Path and Infinity Park, as well as nearby access to the Cherry Creek North shopping district. Due for completion in mid-2021, the five-story, podium-style property will total 70,733 rentable square feet across a mix of studio, one- and two-bedroom units. Community amenities will include a rooftop deck with firepit, grilling station, community kitchen, game room, fitness center and workstations.
The JLL Capital Markets team representing the borrower included Senior Directors Kristian Lichtenfels and Matt Steffen.
