Dealmaker: JLL Arranges $368M for Office, Multifamily

JLL Capital Markets, Chicago, arranged $367.6 million to refinance a four-building office campus and five multifamily properties.


In Irvine, Calif., JLL Capital Markets arranged a $182 million refinancing for Intersect, a four-building mid-rise office campus totaling 452,060 square feet.

JLL worked on behalf of the borrower, a joint venture between Hines, Houston, and a global investment management firm. The firm placed the three-year, interest-only financing with MetLife Investment Management, New York.

Loan proceeds will fund future leasing at the Class A property and retire the existing loan the same team arranged for the borrower in 2018.

Since the venture purchased Intersect, the property has undergone a complete renovation with interior and exterior improvements to create an office hub. The transformation took the campus from 13 to 78 percent occupancy at closing, with nearly half of the tenant roster currently investment-grade.

Intersect comprises Buildings A, B, C and D, located at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave., respectively, in Orange County’s core airport-area submarket. The 15-acre site is two blocks north of Interstate 405 at the intersection of Main Street and Von Karman Avenue.

JLL’s debt placement team was led by Executive Managing Director Kevin MacKenzie, Managing Director John Chun and Associate Nick Lench.

Autumn Creek

The firm also arranged $185.6 million to refinance five Phoenix-area multifamily properties totaling 1,439 units. Wealhouse Capital and Western Wealth Capital accepted five separate seven-year non-recourse loans through Freddie Mac, McLean Va.

Freddie Mac Optigo lender Jones Lang LaSalle Multifamily LLC will service the floating-rate loans.

The portfolio included Carlyle Apartments and Carlyle Townhomes in Phoenix, Greentree Place and Autumn Creek in Chandler and Spring Meadow in Glendale.

JLL Managing Director Josh Simon and Senior Director Brad Miner led the debt placement team.

“The Phoenix multihousing market has remained extremely resilient during this current pandemic,” Miner said.