Monday, September 23, 2019

JLL arranges $19.88 million financing for 126-Unit New Jersey apartment development

Rendering of 34 Bank, a 126-unit, transit-oriented apartment property located in Netcong, Morris County, NJ

 MORRISTOWN, NJ, Sept.  23, 2019  JLL announces it has arranged $19.88 million in financing for the development of 34 Bank, a 126-unit, transit-oriented apartment property located in Netcong, Morris County, New Jersey.

JLL worked on behalf of the borrower, a joint venture between CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments, to secure the 36-month, floating-rate construction loan through M&T Bank.

Jon Mikula
34 Bank will contain a total of 126 luxury units, of which 113 are market rate. 

Market-rate units will feature a mix of one- and two-bedroom floor plans and affordable units will feature one-, two- and three-bedroom options.

 The property will be situated within walking distance to the Netcong Train Station and downtown Netcong and offers accessibility to all of the region’s major roadways, including Interstate 80 and Routes 206 and 46, all of which are within 1.5 miles of the development. 

Due for completion in 2020, the property will provide an affordable luxury option to supplement the area’s current supply of vintage, garden-style apartments and will offer resident’s several amenities, including a great room with business stations, communal kitchen, gas fireplace, large-screen TVs, billiards room, fully equipped fitness facility and electric car charging stations. 

Michael Klein
Outdoor amenities include a community gathering space with fire pit and a walking path along the Musconetcong River. 

The community will also feature on-site parking and optional private garages.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jon Mikula and Managing Director Michael Klein.

“JLL is pleased to have been able to secure financing for CrownPoint Group as it continues to expand its portfolio of multifamily properties throughout the state,” Klein said.

“M&T put together very attractive terms and was able to accommodate the borrower as the deal continued to evolve throughout the closing process,” Mikula added. “It was a pleasure to work with them on this transaction.”

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

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.

Jeffrey Sica 
About Circle Squared Alternative Investments

Circle Squared is a registered investment adviser with SEC and was founded in 2014 by Jeffrey Sica to work with a finite group of high-net-worth individuals and family office investors to help them find alternative market investments, primarily in private equity real estate deals. 

Led by a team with decades of experience, Circle Squared or its affiliates have been a joint venture member, consultant or otherwise involved with over $800 million in real estate developments and transactions since its founding. 


Olivia Hennessey
 JLL Public Relations Specialist 
Phone: +1 713 852 3403

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NAI Realvest Negotiates $670,000 Purchase of Sanford, FL Building

Jason G. Toll
SANFORD, FL  — Jason G. Toll, MiCP of NAI Realvest successfully negotiated the $670,000 sale of a 5,200 square foot building at a Sanford industrial park from Performance Telecom Inc. to EchoED, an Orlando electrical contracting firm.

The one-story building, at 611 Central Park Drive , is located between State Road 46 and St. Johns Parkway .

“The move from Orlando into Sanford will afford EchoED the opportunity to expand their service by adding approximately 17 to a current staff of 33 thereby helping them to build their client base,” according to Toll, the company’s Director of its Industrial Services Group.

EchoED, who was represented in the transaction by Josiah Biddle of the Orlando-based McNulty Group, plans to be operating from its new location by the first quarter of 2020, according to Toll.

611 Central Park Drive
Sanford, FL


Jason G. Toll, Director, Industrial Services Group at NAI Realvest, 
407-875-9908 or

Patrick Mahoney, President / CEO, NAI Realvest,
407-875-9989 or

Beth Payan, Larry Vershel Communications,
407-644-4142 or 407-461-3781;     

Newmark Knight Frank Brokers Lease for 157,400-Square-Foot Industrial Building in Miami, FL

Mr. Greens Produce, the largest privately-owned produce distributor in Florida, located  in Building One at Eastview Commerce Center,
 2450 NW 116th Street, Miami, FL

Nick Wigoda
Miami, FL (Sept. 23, 2019) — Newmark Knight Frank (NKF) announced today it brokered the lease for an entire 157,400-square-foot industrial building at Eastview Commerce Center, a new 800,000-square-foot industrial park in Miami, Florida, being developed by Panattoni Development Company. 

Mr. Greens Produce, the largest privately-owned produce distributor in Florida, will fully occupy Building 1 within the Class A industrial park. The company will triple the size of its current facility after it completes its relocation in early 2020.

Mr. Greens Produce plans to construct more than 140,000 square feet of cooler space in the building to accommodate fresh produce which is distributed to South Florida’s top restaurants, hotels, grocery stores, caterers and country clubs.

Steve Medwin 
The company plans to have more than 200 employees working in the building and will operate a fleet of more than 60 delivery trucks.

Located at 2450 NW 116th Street, Eastview Commerce Center is a new $100 million Class A industrial park that is expected to become one of South Florida’s premier “last-mile” hubs due to its proximity to Interstate 95, the Florida Turnpike, Miami International Airport and major seaports in Miami and Fort Lauderdale.

 NKF Miami’s Executive Managing Directors Nick Wigoda and Steve Medwin and Associate John Mejia represented the landlord, Panattoni Development Company.

Carlos Velasquez and Tommy Gil of Vivo Real Estate Group represented Mr. Greens Produce.

John Mejia 

This lease brings Phase 1 of the Park, totaling 350,000 square feet, to full occupancy. Phase 2 is nearing completion and already signed its first tenant, a 48,000 square foot high-end furniture company from Mexico City.

To date, the NKF team has finalized seven leases at Eastview totaling approximately 400,000 square feet and valued in excess of $50 million.

“We are pleased to welcome Mr. Greens Produce to Eastview Commerce Center," said Hayne Hamilton, Senior Development Manager at Panattoni Development Company.

"They are the type of tenant that we had in mind when we conceived the project almost five years ago,” 

Carlos Velasquez
“Eastview Commerce Center sets the standard for industrial space in North Central Miami-Dade,” said Medwin.

 “The brand-new building is optimized for the tenant’s daily business operations, and offers tremendous growth potential over the next decade.”

Whitfield Hamilton, Southeast Regional Partner at Panattoni Development Company, added, “we are excited to see how well-received Eastview has been from South Florida tenants. 

"As a company, we work hard to design and build facilities that match the needs of end users in each market where we develop.”

Whitfield Hamilton

“We anticipate continued strong demand at Eastview Commerce Center due to the growth of local companies and an influx of new businesses in the region that are seeking Class A industrial space,” said Wigoda.

According to NKF’s 2Q19 South Florida industrial report, Miami’s industrial market has outperformed all of Florida’s other major markets and maintained the lowest vacancy rate in the state for a third consecutive quarter.

Miami also dominated leasing activity for South Florida, accounting for 61% of total square feet in new leasing agreements across the region.


Liz Maddux · Assistant Account Executive
1718 Peachtree St., Suite 1048 · Atlanta, GA 30309
M: 478-972-3210

JLL places $36 million bridge loan on downtown Seattle, WA office asset

Bay Vista condominiums, 2815 2nd Avenue, Seattle, WA

SEATTLE, WA – JLL announces that it has placed a $36 million bridge loan on Bay Vista, a 119,793-square-foot, mixed-use commercial condominium with 173 underground parking stalls in Seattle, Washington. 

Tom Wilson
JLL worked on behalf of the borrower, Madison Marquette, to secure the 36-month, floating-rate bridge loan.

Bay Vista is located at 2815 2nd Avenue just north of the Seattle Central Business District, southwest of South Lake Union and less than half of a mile south of Seattle Center, home to the Space Needle, Pacific Science Center and Key Arena.  

With a Walk Score® of 96, the property boasts an amenity-rich location with close proximity to numerous mass transit options including bus routes, streetcar lines, bike lanes and car sharing locations.  

The offering comprises 12 commercial condominium units within the first five floors of the building.  The 18 floors above Bay Vista, which were not part of the offering, consist of privately-owned residential condominium units.  

Zack Goodwin
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Tom Wilson, Director Zack Goodwin and Analyst Kaden Eichmeier.

“Since Madison acquired the property in 2016, Bay Vista has been repositioned as a dominant, technology-oriented office destination for millennial users,” Wilson said. “We were pleased to assist them in refinancing their acquisition loan, which our team placed on their behalf three years ago.”

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.


 Kristen Murphy
 JLL Director, Public Relations 
Phone: +1 617 848 1572