Dealmaker: JLL Finances $373M for 10-Property Portfolio
MBA Commercial/Multifamily NewsLink Staff
JLL Capital Markets, Chicago, secured more than $538 million in financing for multifamily and industrial properties, including a 10-property multi-housing portfolio.
JLL Capital Markets arranged $372.6 million in refinancing for a 10-property, 2,549-unit portfolio in Arizona and Texas. JLL worked on behalf of the borrower, Wealhouse Capital, to secure the floating-rate Fannie Mae loans. The loans will be serviced by JLL Real Estate Capital LLC, a Fannie Mae DUS lender.
The portfolio consists of Artisan Park Apartments, Sierra Walk, Spring Meadow and Summers Point in Glendale, Ariz.; Carlyle at South Mountain, Carlyle Townhomes and Glenrosa Park in Phoenix; Autumn Creek and Greentree Place in Chandler, Ariz.; and Bar Harbor in Seabrook near Houston. The garden-style properties were constructed between 1979 and 1997 and feature pools, clubhouses, fitness rooms, basketball courts and picnic areas.
The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Brad Miner and Analyst Elle Miraglia.
“Proceeds from the refinancing will allow us to continue to invest in new and existing properties in our portfolio and the communities our tenants live in,” said Emily Newman, Executive Vice President of Wealhouse.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
In New Jersey, JLL Capital Markets completed $88.34 million non-recourse construction-to-perm financing of the 317-multifamily unit Journal Square Urby in Jersey City.
JLL represented the borrowers, Urby and Panepinto Properties, to secure the 10-year, fixed-rate construction-to-perm loan through an institutional lender.
Journal Square Urby will feature a mix of studio, one-, two- and three-bedroom units with large windows, nine-foot ceilings, appliances and tile bathroom flooring. Community amenities will include a fitness center, yoga studio, large outdoor swimming pool, barbeque and grilling stations, rooftop resident lounge and a 3000-square-foot café/bar open to the public.
Located at 532 Summit Ave. in Journal Square, the property is situated at the intersection of Summit Avenue and Pavonia Avenue. The PATH, NJ Transit or private bus lines at the Journal Square Transportation Center are all within 0.3 miles from the property. Via the PATH, residents can be in Midtown Manhattan within 22 minutes, in Manhattan’s financial district within 18 minutes or Newark Penn-Station within 15 minutes. The property’s location also provides direct access to the I-78, I-9 and I-95/NJ Turnpike. Within a 15-minute drive of Newark Liberty International Airport, the 14th highest passenger volume airport in the United States. Additionally, Journal Square is anchored by the Landmark Loews movie palace, which offers residents live music and art works.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Senior Director Thomas E. Didio, Jr.
In Maryland JLL Capital Markets announced arranged $19.45 million in acquisition financing for River Bay Townhomes, a 173-unit, value-add multi-housing community in Lexington Park.
JLL represented the borrower, Linden Property Group, to secure a floating-rate bridge loan through Sound Point Capital Management.
Developed using Low Income Housing Tax Credits (“LIHTC”) in 2004 and 2005, River Bay Townhomes consists of all three-bedroom, two-bath units with attached garages and an average square footage of 1,291. Of the 173 units, 155 units are set aside for tenants who make no more than 60 percent of Area Median Income.
Situated at 48100 Baywoods Dr., the property is located within St. Mary’s County in southern Maryland at the confluence of the Chesapeake Bay, the Potomac River and the Patuxent River. The area includes several military bases, an extensive defense contractor presence, the St. Mary’s College of Maryland and the University of Southern Maryland.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Jamie Leachman, Director Amit Kakar and Analyst Carter Wroblewski.
“There remains a tremendous amount of liquidity for product with a focus on ESG and affordable housing initiatives,” Leachman said.
In California, JLL Capital Markets arranged $27.4 million in financing to acquire and reposition 2065 Thibodo Rd., a 76,872-square-foot industrial building in Vista. The building will be repositioned for future life science use.
JLL worked on behalf of the borrower, a joint venture between Lincoln Property Company and Angelo Gordon, to secure the three-year, floating-rate loan through Citizens.
The new owner plans to convert the existing square footage, currently consisting of traditional R&D and manufacturing space, into manufacturing space that meets Current Good Manufacturing Practices for life science users. The property features 149 parking stalls, five grade level doors, 28’ clear heights and 8,000 Amps of power.
JLL Senior Managing Director Aldon Cole said 2065 Thibodo Rd. is located on 4.1 acres in the North County submarket along the central I-78 Corridor of San Diego. The submarket is one of the most attractive for R&D and life sciences companies as it enjoys a diverse economy, strong talent pool, quality of life and convenient access to the rest of San Diego County.
The JLL Capital Markets team representing the borrower was led by Cole and Senior Managing Director Jordan Angel, Associate Daniel Pinkus and Analyst Auden Menke. Managing Director Joe Anderson arranged the sale from the previous owner and currently represents the borrower in their efforts to lease the building.
“This three-way partnership highlights continued momentum in San Diego’s life sciences market,” Cole said. “High quality and well-located opportunities in the life sciences sector continue to garner strong demand in the capital markets.”
Also in California, JLL Capital Markets, on behalf of Universe Holdings, arranged a $30.315 million refinancing of Nantucket Creek, a 172-unit, garden-style, age-restricted (55+) apartment community in Chatsworth.
JLL worked on behalf of the borrower, Universe Holdings, to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. Proceeds from the loan also provided a return of equity to Universe’s balance sheet.
Nantucket Creek comprises one- and two-bedroom units ranging from 623 to 1,100 square feet. Apartments feature individual heating and air, gas ranges, hardwood floors, large closets, high ceilings and private patios/balconies. The community features a clubhouse, billiards room, shuffleboard court, pool table, fitness center, library, recreational room, walking trails and horseshoe pit.
Located at 9225 Topanga Canyon Blvd., the community is located along CA-27, providing access to local retail and dining centers, as well as Chatsworth Dry Lake Nature Preserve and West Hills Hospital and Medical Center.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Charles Halladay, Director Jonah Aelyon and Analyst Elle Miraglia. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
