Saturday, November 16, 2019

JLL arranges $119 million financing for GPI’s creative office redevelopment in Los Angeles


West End rendering courtesy GPI Companies, Los Angeles, CA

LOS ANGELES, CA – JLL announced it has arranged $119.3 million in construction financing for GPI Companies’ West End project, an adaptive reuse, creative office development in West Los Angeles, California.

 Kevin MacKenzie
 JLL worked on behalf of the borrower, GPI, to secure the two-year, floating-rate loan through ACORE Capital, a leading commercial real estate finance company. 

Upon completion, West End will consist of approximately 230,000 square feet of Class A creative office and ground-floor retail and restaurant space.  

The project will feature expansive outdoor courtyards, a common outdoor amenity space, large floor plates, abundant new parking, exceptional floor-to-ceiling heights and large windows.

As noted in a recent JLL Snapshots piece, Los Angeles has witnessed an increase in adaptive reuse projects over the past few years given the lack of developable land and increasing demand for creative office space from large office users.

Lee Wagman
West End is centrally located on six acres at the intersection of Pico Boulevard and Overland Avenue in a densely populated area of West Los Angeles. 

 This location is close to the Interstate 10 and 405 Freeways as well at the newly opened Exposition Line of the MTA, providing convenient commuter access.  

Additionally, West End is close to the highly affluent neighborhoods of Malibu, Santa Monica, Pacific Palisades, Cheviot Hills and Brentwood, as well as UCLA’s main and medical campus and the headquarters of several entertainment studios.

Greg Brown
“Our plans for West End dramatically transform this former department store into the westside’s premier modern office campus," said Lee Wagman, Managing Partner of GPI. 

"The West End submarket is a compelling new office submarket anchored by a multinational technology company’s new 584,000-square-foot office complex adjacent to West End.

 “With easy access to the Expo Line and both the I-405 and I-10 Freeways, West End is set to become a highly desirable and iconic destination for media, technology and financial tenants.”

The JLL Capital Markets team representing the borrower was led by Executive Managing Director Kevin MacKenzie, Managing Director Greg Brown, Senior Director Jeff Sause and Director Peter Thompson

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

Jeff Sause 
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.

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., a licensed real estate broker.  CA RE Broker License No. 01856260.

Peter Thompson
About GPI Companies:

GPI Companies is a full-service commercial real estate investment and operating platform which specializes in the acquisition, development, repositioning, and management of office, retail, multifamily, and mixed-use properties located in greater Los Angeles and the Western United States. 

 The Partners of GPI bring more than 100 years of combined experience, delivering over 20 million square feet of award-winning urban projects with a capitalized value in excess of $6 billion.


Contacts:

 Kevin MacKenzie
 JLL Executive Managing Director
CA License No. 01898953
Phone: +1 949 798 4126

Kristen Murphy, 
JLL Director, Public Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com


JLL closes sale of Northwest Houston, TX apartment community


Steeplecrest, a 260-unit, garden-style apartment community in Northwest Houston’s Jersey Village submarket

 HOUSTON, TX – JLL announced it has closed the sale of Steeplecrest, a 260-unit, garden-style apartment community in Northwest Houston’s Jersey Village submarket.

JLL marketed the property exclusively on behalf of a joint venture between WillMax Multi-family Investors, L.P. and Thackeray Partners, and procured the buyer, ClearWorth Capital.

 Chris Curry
Steeplecrest is located at 11220 West Road near major roadways, including Highway 290, Beltway 8 and F.M. 1960. 

Completed in the 1990’s, the well-maintained property consists of 13 two- and three-story buildings that house a variety of one- and two-bedroom units averaging 845 square feet. 

Apartment home amenities include features such as stainless steel appliances, refinished countertops, glass backsplashes, custom cabinetry, kitchen pantries, built-in bookshelves, walk-in closets, in-unit washers and dryers, and private patios and balconies. 

Common area amenities include resort-style pools with water features, poolside gazebos with grills and bar seating, a modernized clubhouse, 24-hour fitness center, business center and covered parking.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Chris Curry and Todd Marix and Analyst Estee Ibáñez.

 Estee Ibáñez

“The Jersey Village/Cypress submarket is very popular with workforce housing buyers because there are limited Class A options and no new supply,” Curry said. 

“Class B assets like Steeplecrest offer Class A performance with rent levels above its peers elsewhere in the city. The demographics and schools in the area are strong as well, which drives healthy and sustained demand for the apartments.”


Todd Marix 
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.

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


About ClearWorth Capital:

Steeplecrest is the 12th renovation undertaken by ClearWorth Capital. ClearWorth is teaming up with Houston-based NOI Property Management, continuing a long partnership between the two companies.

Jordan Tabbert
ClearWorth Capital is led by Matthew P. Stone, it's Managing Partner and CEO. 

Throughout his career, Mr. Stone has developed or acquired more than 7,000 apartment units, and in excess of $1 billion in commercial real estate across multiple property types.

ClearWorth Capital is seeking value-add multifamily opportunities throughout Texas. For acquisition opportunities, please contact Jordan Tabbert at jtabbert@clearworthcapital.com


Contact:

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





JLL closes sale and financing of Northwest Houston, TX apartments


Champions Woods Apartments, a 186-unit, garden-style multi-housing community at 6830 Champions Plaza Drive,Northwest Houston, TX

HOUSTON, TX – JLL announced it has closed the sale and arranged acquisition financing for Champions Woods Apartments, a 186-unit, garden-style multi-housing community in Northwest Houston.

JLL marketed the property exclusively on behalf of the seller, Venterra Realty. Haven Realty Capital purchased the offering. 

Additionally, JLL worked on behalf of the new owner to place the 10-year, floating-rate loan with Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo lender.
Bob Heard 

Champions Woods Apartments is located at 6830 Champions Plaza Drive near the intersection of Highway 249 and FM 1960 near Willowbrook Mall. 

The property features eight spacious floor plans totaling 162,936 rentable square feet within 10 three-story, walk-up residential buildings. 

Units feature fully equipped kitchens, separate dining areas, garden tubs, built-in shelving, large walk-in closets and private balconies. 

Premium units also include luxury lighting, wood-style flooring and fireplaces. Community amenities include a swimming pool with waterfall, hot tub, outdoor entertainment pavilion with grilling area, renovated fitness center and cybercafé with Wi-Fi.
Chip Nash

The JLL Capital Markets team representing the seller was led by Vice President Bob Heard and Managing Directors Chip Nash and Greg Austin.

JLL’s Capital Markets debt placement team representing the new owner was led by Senior Vice President James Brolan.

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.

Greg Austin
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
  
Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, 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.

Contact:

 Olivia Hennessey
JLL Public Relations Specialist 
Phone: +1 713 852 3403
Email: Olivia.Hennessey@am.jll.com

Joe Pesci’s Jersey Shore Mansion on Market for $6.5 Million


Joe Pesci

Photo credit: Re/MAX         Source: www.remax.com

Lavallette, NJ -- Whether as Vinny Gambini, Joe Pesci’s character in the Deep South legal comedy My Cousin Vinny, or Nicholas "Nicky" Santoro, his mob character with animal killer instincts in Casino, Pesci’s skilled sense of timing brings his characters to life in a way that few actors can match.

Robert De Niro

TopTenRealEstateDeals.com notes Peschi  announced his retirement from acting in 1999 to return to music, his first love, but fans are thrilled to learn that once again he has teamed up with Martin Scorsese, Robert De Niro and Al Pacino in a new film, The Irishman, which will stream on Netflix starting November 27th.


Al Pacino 

In the meantime Pesci has put his Jersey Shore waterfront home up for sale in Lavallette, New Jersey with his sights focused on a future of returning to warm California sunshine. It is priced at $6.5 million.


 Martin Scorsese

Built in 1990, the 7,200-square-foot contemporary with an Art Deco vibe is located in the West Point Island neighborhood, protected from Atlantic storms on Barnegat Bay and only a short bicycle ride to the beach.



Mary Higgins Clark 
Bright, airy and spacious and taking full advantage of the beautiful view, the eight-bedroom, eight-bath home has an open floor plan with large rooms perfect for large parties that spill out to the spacious pool terrace at the water’s edge with boat dock beyond.


Bruce Springsteen
The gated property is completely fenced with a large motor court that can accommodate multiple guests as well as a two-car garage for the owner.


Jon Bon Jovi
Upon entering, a dramatic free-standing curved staircase sets the stage for the living areas. With white rooms filled with light and the backdrop of the bay through floor-to-ceiling windows, the living room with its two seating areas and pianos hint at musical get togethers.

Michael Puccio 
The large eat-in kitchen with island is perfect for preparing large meals for dinner guests in the dining room encircled by glass doors opening to the pool terrace and bay.

The eight bedroom, eight bath,  7,200-square-foot contemporary with an Art Deco vibe is located in the West Point Island neighborhood, protected from Atlantic storms on Barnegat Bay
The comfortable media room walls are decorated with posters from Pesci’s films and because his first job was as a barber, a barber’s chair occupies one corner as a poignant reminder.

Pesci mansion faces Barnegat Bay on the Jersey Shore
The upper level, which can also be reached by elevator, contains bedrooms and an office, all with upper terraces and spectacular views. A downstairs party room next to the pool and spa has its own kitchen for entertaining.

Foyer
Many celebrities who were born and raised in New Jersey have permanent or part-time homes up and down the Jersey Shore similar to Joe.

                                          Game Room
From makeup mogul Bobbi Brown to Jon Bon Jovi, Bruce Springsteen, author Mary Higgins Clark and many more, the shore is awash in glitterati.
After making 34 films, Joe Pesci has cut his second album, Vincent LaGuardia Gambini Sings Just for You, named after his character in My Cousin Vinny.

Dock

This second album comes 30 years after his first, which was where he started in the entertainment business. He was deeply involved in the music industry until acting in the film The Death Collector, which grabbed the attention of Martin Scorsese - and his film career was born.

Academy Award-winning actor for his role in Goodfellas, Joe Pesci is selling his Jersey Shore waterfront mansion which has been his home for almost 30 years.

Banquet Room

He plans on relocating to California for year-round sunshine and to get in some extra golf.

Priced at $6.5 million, the listing agent is Michael Puccio of RE/MAX Central, North Manalapan, New Jersey.


CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504

Twitter:  @toptenrealestat
facebook.com/toptenrealestat