DealMaker: JLL Arranges $168M for Multifamily, Industrial

85 Ben Fairless Drive illustration courtesy of JLL

JLL Capital Markets, Dallas, arranged $167.6 million for multifamily housing in South Carolina and Minnesota and industrial properties in Pennsylvania and Wisconsin.

JLL Capital Markets arranged $23.335 million in joint venture equity to develop Dockside Clemson, a to-be-built, lakefront 630-bed student housing community serving Clemson University in Clemson, S.C. 

JLL worked on behalf of Fountain Residential Partners to secure the equity through CrowdStreet Inc.

Anticipated to deliver in fall 2022, Dockside Clemson will offer 200 student housing units in four-story residential structures alongside 22,164 square feet of ground floor retail. Units will be available in studio, one-, two-, three- and four-bedroom layouts averaging 1,206 square feet each. Dockside will offer an upscale living experience with fully furnished units, each offering a private bathroom per bedroom, high speed internet, walk in closets and 55” HD flatscreen tv’s in the living areas. Additionally, the retail space will boast two restaurants. Community amenities will include a fitness center, pool, parking, tech lounge, dock access and live music along the lake front.

Dockside Clemson sits on 460 feet of waterfront on Lake Hartwell and is the only student housing community with waterfront access in Clemson. Situated less than one mile north of Clemson Tiger’s famous “Death Valley” football stadium, the property exceptional visibility along Tiger Boulevard and Highway 123 and offers direct access to the CATbus Seneca Express Line with service to campus and the surrounding communities.

The JLL Capital Markets team representing Fountain Residential Partners was led by Managing Director Jeremy Sain and Directors Teddy Leatherman, Scott Clifton, Stewart Hayes and John Gavigan.

In Pennsylvania, JLL Capital Markets arranged a partnership between J.G. Petrucci Company and Cabot Properties for a speculative industrial building in Bucks County. The building will sit on an 18.3-acre site; development of a 225,000-square-foot light/bulk distribution industrial facility at 85 Ben Fairless Dr. in the Bucks County community of Fairless Hills.

JLL worked on behalf of J.G. Petrucci Co. Inc. to arrange the partnership with Cabot Properties Inc.

With a target completion this year, 85 Ben Fairless Dr. will feature 36-foot clear heights, 45 dock positions, 50 trailer spaces and 172 parking stalls. Fairless Hills is 26 miles northeast of downtown Philadelphia. Situated along the I-95 Corridor, the location provides direct access to Philadelphia and the New Jersey Turnpike.     

The JLL Capital Markets team representing the sponsor was led by Senior Managing Directors Jon Mikula and John Plower.

“Bucks County is a very strong, mature industrial market with high barriers to entry and limited development opportunities,” Plower said.

In St. Paul, Minn., JLL Capital Markets arranged $44.05 million in construction financing for the University & Raymond multi-housing property in the Saint Anthony Park neighborhood.

JLL represented borrower UniRay LLC to secure the 85% LTC participating loan through lender Principal Real Estate Investors.

University & Raymond will consist of 220 homes, with amenities that include in-unit laundry, central air and quartz countertops. Sitting on 1.18 acres, the property’s community amenities include a state-of-the-art fitness center, outdoor courtyard with a pool, clubroom with full kitchen and wet bar, fully automated building access systems and a rooftop patio.

The apartments are located at the corner of University & Raymond in Saint Anthony Park. University & Raymond is situated in proximity to both the Minneapolis CBD, the Saint Paul CBD and next to the University of Minnesota.

The JLL Capital Markets team was led by Senior Directors Russ Kappenman and Josh Talberg, and included Senior Directors Dan Linnell, Mox Gunderson and Managing Director Ken Dayton.

JLL Capital Markets also advised on a joint venture equity partnership and arranged $63.7 million in financing for a total cost of $100.2 million for acquisition of a Class A, 372,856-square-foot, net-leased research and development, manufacturing and testing facility along with an adjacent 118,620-square-foot corporate office in the suburban Milwaukee community of Menomonee Falls, Wis.

JLL worked on behalf of Capital Trust Group to arrange the joint venture partnership with Bascom Group. Additionally, working on behalf of the new partnership, JLL placed a 10-year, fixed-rate, commercial mortgage-backed securities loan with Citigroup. This transaction marks Capital Trust Group’s first acquisition in the United States in more than two decades.

The facility was delivered in July as a build-to-suit for Leonardo DRS’ naval division, which already occupied the adjacent three-story office building beginning in 2019. The facility is used to design test and produce naval and marine products for the U.S. Navy. The asset provides exceptional income stability. The tenant has been based in Milwaukee since 1899 and has entered a 20-year absolute net lease with annual rent escalations.

The JLL Capital Markets team that advised the joint venture equity partnership and arranged financing was led by Managing Director Claudio V. Sgobba in JLL’s London office and Senior Director Christopher Knight in JLL’s Chicago office.