Friday, September 3, 2021

JLL Capital Markets arranges $37 million loan for development of new luxury condominiums at Kite House at The Parks at Walter Reed in Washington, DC

 Susan Carras
 

 WASHINGTON, DC– JLL Capital Markets has arranged $37.308 million construction financing for the development of Kite House at The Parks at Walter Reed, a planned 109-unit condominium development with 11,000 rentable square feet of ground-floor retail in Washington, D.C.

Jamie Leachman

JLL worked on behalf of the borrower, a joint venture between Hines, Urban Atlantic, and Triden Development Group, to secure the three-year, floating-rate loan through Bank OZK. 

The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Directors Susan Carras and Jamie Leachman, Director Evan Parker and Analyst Andrew Lewis.

Grosvenor Americas provided a mezzanine debt commitment of $21.1 million for Kite House through its Structured Development Finance program.

 With first unit deliveries expected in early 2023, sales are planned to begin in February 2022.  

 Kite House is located at the intersection of Georgia Ave. NW and Elder St. NW, in the northern sector of The Parks at Walter Reed master-planned community. 

Andrew Lewis
The community will include 3.1 million square feet of mixed-use development across 66-acres. The community is a 10-minute walk to Rock Creek National Park and the Takoma Metro Station.

 Aditionally, the property is served by eight metrobus routes. The property is five miles from both downtown Washington, D.C. and downtown Bethesda and 1.5 miles from downtown Silver Spring. 

Additionally, the community is three miles from Capital Beltway (Interstate 495) offering direct access to the entire Washington, D.C. and Baltimore metropolitan region and rail connections such as Amtrak, MARC and VRE trains.

 “With the closing of Kite House, the development team continues to build out the transformational Parks at Walter Reed project,” said Leachman.  

“There was significant interest from the lending community with the recent success of the first condo project within The Parks at Walter Reed, The Brooks, as well as the proximity to the adjacent Whole Foods.”

  

CONTACT:

Cierra Lacasse

 JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com

 

JLL Capital Markets sale of Union Bank Tower in Portland, OR

Union Bank Tower, Central Business
 District, 707 SW Washington Street
 Portland, OR
 

 PORTLAND, OR – JLL Capital Markets announced it has been engaged on behalf of a partnership between Melvin Mark Companies and Downtown Development Group to market for sale, a core, data center reposition of a 178,634-square-foot office investment opportunity located in the West end of the Central Business District in Portland, Oregon.

Buzz Ellis

The JLL Capital Markets Investment Sales Advisory team that is representing the seller is being led by Managing Directors Buzz Ellis and Conan Lee, along with Director Adam Taylor.

 The JLL Capital Markets Debt Advisory team leading the debt efforts includes Managing Director Alex Witt and Director Zach Kersten.

 “Union Bank lies at a critical network junction that has enormous potential for future growth of new physical network infrastructure as well as IP peering,” said Lee.

Conan Lee
 “With capital allocations targeting alternative assets at all-time highs, now is the perfect time to present this iconic tower to the market.”

 “Now that the tower’s namesake tenant has left the building, a new owner will have the generational opportunity to re-brand the asset, adding value in the process,” added Ellis.

Union Bank Tower is exceptionally located at 707 SW Washington St., just one block from Portland’s preeminent internet exchange (Pittock Block), which is only one of two primary internet exchanges for the entire Pacific Northwest.

Adam Taylor
Additionally, the property is near the CenturyLink and AT&T buildings, while Hillsboro -- one of the fastest-growing data center submarkets in the world -- is located just 18 miles west.

Regionally, Portland has become a strategic location for connectivity between San Francisco and Seattle, while, globally, Portland offers low latency to the Midwest, East Coast, Asia Pacific, EMEA and Latin America.

 The most used and commercialized north/south long-haul fiber routes that connect Portland to Seattle and San Francisco originate at Union Bank Tower.

Alex Witt

The 17-story property is 72 percent leased to 30 office tenants with rare connection capabilities, providing a unique opportunity to create additional data center and telecommunication space.

 The tower is home to 10 fiber-optic carriers, with a total of 18 existing data center tenants exchanging data in its Meet-Me-Room.

Union Bank Tower is the key point of origination and termination of two key long-haul fiber routes, the Joint Trench and FTV Build. 

 Zach Kersten
There are four major fiber entries in the parking garage of the building, with four major providers owning physical long-haul fiber cable assets that originate in the tower and an additional six carriers with long-haul fiber pairs.

  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 and advisory, debt advisory, equity advisory or a recapitalization. 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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


CONTACT:

Cierra Lacasse

 JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am

jll.com

 

The Keyes Company Promotes Ray Betancourt to District Sales Manager, Commercial Division

 

Ray Betancourt
 

Miami, FL  The Keyes Company announces the promotion of commercial real estate veteran Ray Betancourt to District Sales Manager of the firm’s Commercial Division. Betancourt is based in the firm’s headquarters in Miami.

Betancourt has served The Keyes Company for 25 years, most recently as a Commercial Realtor Associate.

Betancourt will be responsible for managing the firm’s growing team of Commercial Associates and Administrators. This includes recruiting new talent and mentoring associates through the firm’s training process.

Mike Pappas

“Ray has been critical to the success of our Commercial Division,” said Keyes President and CEO Mike Pappas. “He is a dynamic leader, with a broad knowledge of commercial real estate. Ray has worked hard throughout his career and is an integral part of the Keyes family.”

 Additionally, Betancourt is actively involved in real estate industry organizations. He is a member of the National Association of Realtors, Florida Association of Realtors, Miami Association of Realtors and Innovating Commerce Serving Communities (formerly International Council of Shopping Centers).

 

CONTACT:

Daniel Benjamin

Senior Account Executive

 BoardroomPR

dbenjamin@boardroompr.com

O 954-370-8999

C 954-618-8287

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

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www.keyescommercial.com.