Done Deals: Jun 18, 2023

Sunday, June 18, 2023

JLL Capital Markets arranges $385 million construction financing and equity for The McBride Cohen Company to develop Phase I of South Pier at Tempe Town Lake, a $1.8 billion Master-Planned Development in Tempe, AZ

Loren McBride Cohen

PHOENIX, AZ – JLL Capital has raised $385 million in debt and equity for the construction of South Pier at Tempe Town Lake Phase I, a 737,585-square-foot, waterfront, trophy mixed-use project that will include 724 multi-housing units and 26,767 square feet of retail space in Tempe, Arizona.

Upon completion, Phase I of the McBride Cohen Company-led project will be the largest apartment development in the state of Arizona and will feature the towering Arizona Amazing Wheel, a pedestrian bridge, public dock, and world class entertainment isle.

JLL worked on behalf of borrower, The McBride Cohen Company, to raise $162 million in equity from Cantor Fitzgerald and Silverstein’s Opportunity Zone Fund, as well as secure $223 million in financing through both senior and mezzanine loans.

“We believe in the power of this project, this incredible piece of waterfront and the community we are going to create here at South Pier,” said Loren McBride Cohen, CEO of The McBride Cohen Company. “We are truly grateful to our partners at JLL for their belief in this dream.”

Tom Wilson

With an anticipated completion during the second half of 2026, Phase I will consist of three Class-A towers ranging from 22 to 24 stories that will sit on a four-story, 836-space parking structure.

The planned unit mix of the project’s 724 units includes studios and one-, two- and three-bedroom apartments.

Residents will benefit an unparalleled living experience with condominium-quality finishes and The Central Green, a lush, 2-acre public park at the heart of the project, along with fitness centers, spas, pools, and doorstep access to other waterfront amenities, including the South Pier Isle Entertainment District.

Phase I will begin the development of the 3.2-million-square-foot resort-inspired development, making it one of the largest master-planned projects in the Western United States.

Brad Miner

Located within an Opportunity Zone, the development sits on the 3.32-acre South Pier Lot 6 and is ideally situated on the southern edge of Tempe Town Lake.

It is positioned northeast of Arizona State University and directly south of Scottsdale. Residents will benefit from a myriad of public transportation options, including the Loop 202 freeway, Phoenix Metropolitan Bus System, Tempe Streetcar System and the Phoenix Metropolitan Light Rail System, all located within proximity to the site.

The land is surrounded by the Novus Innovation Corridor, a planned 330-acre mixed-use urban destination. Additionally, Mill Avenue Entertainment District, Papago Park, and ASU Gammage Performing Arts District are all within proximity of the site. It is less than a 15-minute commute to downtown Phoenix.

Matt Benson

The JLL Capital Markets Advisory team representing the borrower was led by Senior Managing Director Tom Wilson, Senior Managing Director Brad Miner, Senior Director Matt Benson, Director Brock Knapp and Associate Elle Miraglia.

“The South Pier project will continue the evolution of the waterfront along Tempe Town Lake, providing world-class housing and retail amenities, which will drive further demand and investment to the city,” said Miner. “This phase is a vital step in generating momentum for the transformative South Pier master plan.”

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

Brock Knapp

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.

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Contact:

Jenna Sharp

Public Relations, Associate

Phone: +1 214 394 3356

Email: Jenna.Sharp@jll.com

jll.com.

JLL Capital Markets welcomes Bill Baumann to its multi-housing team

Bill Baumann

CHICAGO, IL– JLL Capital Markets announced Bill Baumann has joined the firm’s multi-housing team as a Managing Director in the Chicago office.

He will report to Senior Managing Directors Danny Kaufman and Jaime Fink, who co-lead JLL’s Chicago Capital Markets office.

“We are very excited to welcome Bill to JLL,” said Kaufman. “His experience and leadership within the industry will be immediately value add to our team and clients.”

In his new role, Baumann will focus on both apartment investment sales and financing deals in Chicago and the Midwest, representing multi-housing owners and developers. He will work alongside David Gaines, who co-leads JLL’s Private Capital Group.

Danny Kaufman

Baumann brings two decades of commercial real estate experience, representing numerous leading private capital, institutional and banking institutions throughout his career.