JLL Capital Markets arranged acquisition financing for the apartments 

DALLAS, Feb. 3, 2021 – JLL Capital Markets announced today that it has arranged acquisition financing for Chartwell Court, a multi-housing property located in Houston, Texas.  

JLL worked on behalf of the borrower, REEP Equity, to originate the12-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. 

Originally built in 1995, Chartwell Court offers ample value-add opportunity for REEP Equity, who plans to renovate 40% of unit interiors and the property’s exterior. Unit upgrades will feature some new items to REEP's standard upgrade package, including stainless steel appliances and granite countertops. Other renovations include the addition of a package room with lockers; updates to clubhouse and business center/coffee bar; creation of a dog park; adding a pergola and grill; new furniture to the grilling and pool area; and overall enhancement of the landscaping around the property.

Located at 15100 Ella Blvd., the garden-style property is positioned in the popular Houston-Woodlands area. Chartwell Court has connectivity to all of Houston’s major employment centers and economic drivers – such as Pinto Business Park, George Bush Intercontinental Airport, Springwoods Village, the North Houston District and The Woodlands – via being just one mile from I-45 North. In addition, the apartments sit just three miles from Houston’s largest healthcare system, HCA Houston Healthcare’s Northwest Hospital, and various recreational activities, like the Mercer Botanic Gardens.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Mark Brandenburg and Senior Director CW Sheehan.   

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.  

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 sales 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 Capital Markets arranges capital stack for NJ mixed-use development 

NEW YORK, Jan. 23, 2021 – JLL Capital Markets announced today the closing of an $89.5 million loan from Invictus Real Estate Partners LLC (“Invictus”) to Eastone Equities for the development of the Harrison Yards multi-housing community in Harrison, New Jersey. 

JLL worked with Invictus to arrange the capital stack for the $89.5 million loan from Invictus to Eastone Equities. The funds will be used for completion of Phase I and predevelopment of Phase II of the project. 

Phase I is almost complete and includes 205 residential apartments, a resident lounge, on-site leasing office, rooftop terrace, fitness center, 215 parking spaces and 7,670 square feet of retail space.  Phase II has been approved for Eastone Equities to construct an additional 898 apartment units, 204,709 square feet of commercial space, a 200-key hotel and 1,350 additional parking spaces. 

Harrison Yards will offer a strong-value alternative with larger units when compared to new developments in the Jersey City area. The community is located at 700 Frank E. Rodgers Blvd., adjacent to the Harrison PATH Station, which allows connectivity to various hot spots in 20 minutes or less including Newark Penn Station, Jersey City, Newark Liberty International Airport and Manhattan. 

The JLL Capital Markets team was led by Managing Directors Scott Aiese and Peter Rotchford, Vice President Alex Staikos and Analyst Brendan Collins.  

“Harrison Yards will be a cornerstone of Harrison, NJ, located outside the PATH station and benefiting from the immediate transit connectivity,” said Aiese. “Capital markets participants were excited by the luxury quality of Phase 1, including expansive windows offering city views, oversized units, over 9’ ceiling heights and a full amenity package.” 

”We are happy to work with Eastone Equities to capitalize the Harrison Yards project,” said Eric Scheffler of Invictus.  “It is the centerpiece project of the Harrison, NJ redevelopment, which offers newly-constructed, luxury-amenitized apartments and retail, adjacent to the PATH Station, at a material discount to Jersey City.”

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 sales 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 Capital Markets led financing efforts for the 630-bed student housing property with ground floor retail and restaurants serving Clemson University

DALLAS – Jan. 23, 2021 – JLL Capital Markets announced today that it has arranged $23.335 million in joint venture equity for the development of Dockside Clemson, a to-be-built, lakefront 630-bed student housing community serving Clemson University in Clemson, South Carolina.  

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

Anticipated to deliver in fall of 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 signature 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 approximately 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.

Stuart Roosth Architects designed the property, with LRK providing planning services. Kimley-Horn is the civil engineer, with Sherman Construction as the general contractor.

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.

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 sales 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 Capital Markets announced today that it has arranged $19.11 million in acquisition financing for the Berkshire Laurel Creek garden-style multi-housing property in the San Francisco Bay Area. 

JLL worked on behalf of the borrower, Glencrest Group, to secure the 10-year, 2.75% fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. This marks Glencrest Group’s fourth property acquisition since its founding last year. The seller, Berkshire Residential Investments, was represented by Institutional Property Advisors (IPA).

Located at 2751 Peppertree Dr. in Fairfield, in the North Bay part of the San Francisco Bay Area, Berkshire Laurel Creek consists of 106 studio, one- and two-bedroom apartments and is 97% occupied. Community amenities include a clubhouse, fitness center, spa and pool, all renovated in the last two years. 

Fairfield is home to various wineries and breweries, golf courses, premium outlet shopping and outdoor recreational and is home to Travis Air Force Base and a few miles from the growing Vacaville biotech corridor. 

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Charles Halladay and Peter Smyslowski and Associate Jonah Aelyon. 

“Despite the challenging environment, the Glencrest principals continue to demonstrate a keen ability to source transactions that offer investors a compelling risk adjusted return,” said Smyslowski.

“Laurel Creek Apartments is a great addition to our growing Generations portfolio which is designed around long-term ownership by individual investors. We are also pleased to have closed this transaction without renegotiation or delay during these uncertain times, a testament to the experience of our lending partners, Generations Network equity investors, IPA and the Berkshire team,” said Mike Bergelson, Managing Partner, Glencrest Group.

The IPA team representing the seller includes Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alex Tartaglia. 

“Laurel Creek Apartments represents a compelling, long-term investment for the Glencrest Group,” said IPA Executive Managing Director Salvatore Saglimbeni. “The property’s low-density setting (18 units per acre) in a quaint residential neighborhood, combined with the community’s spacious, home-like floor plans with future upgrade potential, ideally suit today’s work-from-home renters focused on suburban markets.”

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.  

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 sales 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.

For more news, videos and research resources on JLL, please visit our newsroom.

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. 

JLL Capital Markets announced today that it has closed the sale of the 150-unit Residence at SouthPark multi-housing property located at 4300 Sharon Rd. in the SouthPark submarket of Charlotte.  

JLL closed the property sale from institutional investors advised by J.P. Morgan Asset Management to a fund sponsored by CBRE Global Investors. 

Built in 2007, the Residence at SouthPark offers one-, two- and three-bedroom apartments that average 1,573 square feet each. The property sits on 5.56 acres and totals 236,189 square feet, holding 96% occupancy. All units include 10-22’ ceilings, built-in bookcases and workstations, gourmet kitchens, washers and dryers, granite countertops and stainless-steel appliances. Additionally, the Residence at SouthPark offers penthouse and loft apartments. Community amenities include a rooftop deck with a saltwater pool and firepits, club level with skyline views, 24-hour fitness center, business center, game room and a coffee, tea and wine bar. 

The SouthPark submarket has been noticing a boom in interest because of the area’s recent urbanization in response to demand from young families desiring more space with suburban schooling without sacrificing city-life amenities. With walkability to local dining, retail and grocery top-of-mind, the apartments are in close proximity to Whole Foods and the premier SouthPark Mall and Sharon Square shopping destinations, among others. SouthPark is near other elite Charlotte neighborhoods such as Myers Park, which is just five minutes from the property and offers more than 675,000 square feet of office and 247,000 square feet of retail; and Dilworth, which offers over 767,000 square feet of additional retail, restaurants, galleries, pubs and more. 

The JLL Capital Markets team representing the seller was led by Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Jeff Glenn.  

“Residence at SouthPark is an iconic Charlotte address that is primed for renovation after originally delivering in 2007,” said Lynch. “The community’s concrete construction and oversized units also make it one of the most attractive assets in the Carolinas.”

“The Residence at SouthPark is a well-maintained and well-located asset in suburban Charlotte, where we believe we will continue to see outsized demand for high-end apartments,” said Robert Perry, Executive Managing Director of CBRE Global Investors. “This particular asset performed well throughout the COVID-19 pandemic, in part due to its oversized layouts and boutique unit count. We are looking forward to the continued successful operation of the property by our team.”

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 sales 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.

For more news, videos and research resources on JLL, please visit our newsroom.

JLL Capital Markets announced today that it has arranged what is believed to be the second largest commercial construction loan in Triangle history on the behalf of Hines, Columbia Development and USAA Real Estate for the continued development of Fenton, a 69-acre mixed-use project underway in Cary, North Carolina.

JLL represented the developer, a partnership between Hines, Columbia Development and USAA Real Estate, to arrange the construction financing with Bank OZK. In addition to being one of the largest construction loans in the Triangle region, this is also the largest construction loan to close for a retail-driven project in the U.S. since the start of the COVID-19 pandemic, according to Real Capital Analytics. The developer will begin vertical construction in November 2020. In 2019, HFF, now part of JLL, arranged the joint venture equity investment for the first phase of Fenton’s development. 

“This is the final piece of the puzzle that allows the project to move forward with vertical construction,” said Paul Zarian, Director at Hines. “Especially in light of the current economic climate, we are grateful for the confidence that Bank OZK has placed in the development team and appreciative of JLL’s tremendous efforts and leadership to secure this facility.”

Fenton is positioned along I-40 and Cary Towne Boulevard, a prominent interstate interchange that occupies a premier, central location in the Triangle. The first phase of the project will include approximately 345,000 square feet of shops, restaurants and entertainment space, 200,000 square feet of office space, a 175-key boutique hotel and a recently announced multi-housing community, The Canopy at Fenton, which will consist of 357 luxury apartments.

Fenton’s dining scene will also have an impressive roster of chef-driven restaurants, including Chef Scott Crawford’s Crawford Brothers Steakhouse, Steve Palmer’s Italian restaurant Colletta, Chef Ford Fry’s tex-mex concept Superica and chef Michael Lee’s M Sushi. Other tenants include anchors Wegmans and CMX CinéBistro, as well as Honeysuckle Gelato, Crú Food & Wine Bar, Sephora, Free People, Bailey’s Fine Jewelry and Blo Salon. 

The JLL Capital Markets team representing the developer was led by Managing Directors Chip Sykes and Roger Edwards.

“My partners and I at JLL are grateful for the opportunity to have worked on this visionary project, particularly with the wonderful development team of Columbia Development, Hines and USAA Real Estate,” said Sykes. “Together, and with our friends at Bank OZK, we were able to drive this financing to the finish line in such a challenging environment.”

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 sales 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. 

For more news, videos and research resources on JLL, please visit the newsroom.