Category: JLL

JLL arranges $127.5M financing for EON at Flagler Village

EON at Flagler Village
JLL arranged $127.5 million in financing for EON at Flagler Village developed by Alta Developers, a two-phase multihousing community in Fort Lauderdale


JLL announced today that it has arranged $127.5 million in financing for EON at Flagler Village developed by Alta Developers, a two-phase multihousing community in one of Fort Lauderdale’s most vibrant neighborhoods.

JLL worked on behalf of the borrower, Alta Developers, to secure the three-year, floating-rate loan through Mack Real Estate Credit Strategies, L.P. Loan proceeds will be used to retire the existing construction loan on Phase I and will fund the construction of Phase II.

The properties are located within the popular Flagler Village neighborhood of Fort Lauderdale, which is within one mile of the city’s downtown core. Residents benefit from proximity to seven million square feet of office space, one million square feet of retail along Las Olas Boulevard and public transportation options, including the new Virgin train station, which is within walking distance of the property. Phase I of EON at Flagler Village was completed in May 2019 and consists of 206 residential units along with 3,320 square feet of retail. Phase II, which is currently under construction, and expected to be completed by Spring 2021, will consist of 270 residential units and 2,400 square feet of retail space.

“Ahead of the curve with fresh concepts and design, our exclusive sky lounges have panoramic views of downtown Las Olas and the Atlantic Ocean delivering a creative new lifestyle in the heart of Flagler Village,” said Raimundo Onetto, Principal of Alta Developers.

The JLL Capital Markets team representing the borrower was led by Director Brian Gaswirth and Associate Reid Carleton.

“Alta Developers flawlessly executed on their business plan for Phase I, and are experiencing tremendous lease-up velocity,” Gaswirth said. “Identifying Mack as a strategic partner moving forward will help set the stage for the future success of the project. The new partnership gave Alta Developers the ability to realize the value it created in Phase I while providing funding to develop Phase II thereby creating a denser, more efficient project.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

JLL secures $34.5 million loan for new multihousing investment platform

Waterscape Apartments
JLL secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.


JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.

Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.

The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.

“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.

“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.



JLL arranges $127.5M financing for EON at Flagler Village

EON at Flagler Village
JLL arranged $127.5 million in financing for EON at Flagler Village developed by Alta Developers, a two-phase multihousing community in Fort Lauderdale

JLL announced today that it has arranged $127.5 million in financing for EON at Flagler Village developed by Alta Developers, a two-phase multihousing community in one of Fort Lauderdale’s most vibrant neighborhoods.

JLL worked on behalf of the borrower, Alta Developers, to secure the three-year, floating-rate loan through Mack Real Estate Credit Strategies, L.P. Loan proceeds will be used to retire the existing construction loan on Phase I and will fund the construction of Phase II.

The properties are located within the popular Flagler Village neighborhood of Fort Lauderdale, which is within one mile of the city’s downtown core. Residents benefit from proximity to seven million square feet of office space, one million square feet of retail along Las Olas Boulevard and public transportation options, including the new Virgin train station, which is within walking distance of the property. Phase I of EON at Flagler Village was completed in May 2019 and consists of 206 residential units along with 3,320 square feet of retail. Phase II, which is currently under construction, and expected to be completed by Spring 2021, will consist of 270 residential units and 2,400 square feet of retail space.

“Ahead of the curve with fresh concepts and design, our exclusive sky lounges have panoramic views of downtown Las Olas and the Atlantic Ocean delivering a creative new lifestyle in the heart of Flagler Village,” said Raimundo Onetto, Principal of Alta Developers.

The JLL Capital Markets team representing the borrower was led by Director Brian Gaswirth and Associate Reid Carleton.

“Alta Developers flawlessly executed on their business plan for Phase I, and are experiencing tremendous lease-up velocity,” Gaswirth said. “Identifying Mack as a strategic partner moving forward will help set the stage for the future success of the project. The new partnership gave Alta Developers the ability to realize the value it created in Phase I while providing funding to develop Phase II thereby creating a denser, more efficient project.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

JLL secures $34.5 million loan for new multihousing investment platform

Waterscape Apartments
JLL secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.


JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.

Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.

The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.

“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.

“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.



JLL secures $34.5 million loan for new multihousing investment platform

Waterscape Apartments
JLL secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.

Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.

The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.

“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.

“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

JLL secures $34.5 million loan for new multihousing investment platform

Waterscape Apartments
JLL secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.

Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.

The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.

“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.

“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

JLL closes sale of Cary, North Carolina, apartments

Tradition at Stonewater
JLL announced today that it has closed the sale of Tradition at Stonewater, a 351-unit, suburban, garden-style apartment community in Cary, North Carolina.


JLL announced today that it has closed the sale of Tradition at Stonewater, a 351-unit, suburban, garden-style apartment community in Cary, North Carolina.

JLL marketed the property on behalf of the seller, an affiliate of Banner Real Estate Group, and procured the buyer, Goldman Sachs Merchant Banking Division.

Tradition at Stonewater is located at 12000 Wisdom Drive near major employment centers such as Research Triangle Park and Duke University & Medical Center. Completed in 2009, the institutionally maintained property is 96 percent leased and includes 351 units averaging 1,016 square feet each. Community amenities include a resort-style saltwater swimming pool, outdoor lounge, screened-in summer kitchen, fitness center, theater room, business center and gated dog park.

The JLL Capital Markets team representing the seller included Managing Directors Jeff Glenn and Justin Good, Senior Director Allan Lynch, Director Caylor Mark and Senior Vice President Andrea Howard.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.



Boca ATC acquires 144-unit apartment portfolio in Boca Raton

Boca Garden Portfolio
JLL arranged $17.78 million in acquisition financing for a 144-unit, garden-style, scattered-site apartment portfolio in Boca Raton, Florida.


JLL announced today it has arranged $17.78 million in acquisition financing for a 144-unit, garden-style, scattered-site apartment portfolio in Boca Raton, Florida.

Working exclusively on behalf of Boca ATC, JLL placed the 10-year, fixed-rate loan with Freddie Mac. The loan, which funded Boca ATC’s acquisition of the portfolio, will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender.

The portfolio’s 144 value-add units are located within five separate communities, which were completed between 1971 and 1987. The 95 percent occupied portfolio features spacious residences averaging 1,011 square feet. The properties are situated in premier infill locations zoned to some of Boca Raton’s best public schools and proximate to the area’s top employment, retail and entertainment demand drivers.

The JLL Capital Markets team representing the borrower was led by Managing Director Elliott Throne and Director Jesse Wright.

“Freddie Mac stepped up to offer highly accretive financing for a strong sponsor with a great track record despite the nuance of the scattered site aspect of the offering,” Throne said. “Congratulations to Boca ATC for a superb acquisition.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.



JLL sells 970-unit Midwest multihousing portfolio on behalf of IRET

JLL closed the sale of a 10-property, 970-unit multihousing portfolio located in Sioux Falls, South Dakota, and Sioux City, Iowa, on behalf of IRET


JLL announced today that it has closed the sale of a 10-property, 970-unit multihousing portfolio located in the Midwestern communities of Sioux Falls, South Dakota, and Sioux City, Iowa, on behalf of IRET for a total of $78 million. 

JLL marketed the portfolio exclusively on behalf of the seller, IRET. Monitor Finance purchased the seven Sioux Falls properties and Monarch Investment and Management Group purchased the three Sioux City properties.

The Sioux Falls tranche totaled 526 units. The seven properties were completed between 1985 and 2000 and all provide residents immediate access to leading employers, entertainment venues and major thoroughfares, including Interstates 29 and 90. The Sioux City tranche comprises three communities encompassing 444 units. With completion dates ranging from 1970 to 1998, all of the properties are located within five miles of the city center, which provides residents access to downtown employers and major retailers. The occupancy for the entire portfolio at sale totaled 93 percent.

The JLL Capital Markets team representing the seller included Senior Vice Presidents Mox Gunderson, Dan Linnell and Josh Talberg, Vice President Adam Haydon and Senior Director David Gaines.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.



JLL closes sale of Cary, North Carolina, apartments

Tradition at Stonewater
JLL announced today that it has closed the sale of Tradition at Stonewater, a 351-unit, suburban, garden-style apartment community in Cary, North Carolina.

JLL announced today that it has closed the sale of Tradition at Stonewater, a 351-unit, suburban, garden-style apartment community in Cary, North Carolina.

JLL marketed the property on behalf of the seller, an affiliate of Banner Real Estate Group, and procured the buyer, Goldman Sachs Merchant Banking Division.

Tradition at Stonewater is located at 12000 Wisdom Drive near major employment centers such as Research Triangle Park and Duke University & Medical Center. Completed in 2009, the institutionally maintained property is 96 percent leased and includes 351 units averaging 1,016 square feet each. Community amenities include a resort-style saltwater swimming pool, outdoor lounge, screened-in summer kitchen, fitness center, theater room, business center and gated dog park.

The JLL Capital Markets team representing the seller included Managing Directors Jeff Glenn and Justin Good, Senior Director Allan Lynch, Director Caylor Mark and Senior Vice President Andrea Howard.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.