Concord Summit Capital Closes $10 Million in Financing to Complete Construction of Chicago Apartment Development

Rendering: Concord Summit planned project Chicago, IL

CHICAGO, IL and MIAMI, FL – Concord Summit Capital, LLC (“Concord Summit”) has closed on $10 million in mezzanine financing for a luxury multifamily community in Chicago, Illinois.  The funds will be used to help the developer complete the construction of the project.  

Any lender in the market can do this to achieve superior economics without elevating their risk,” said Eidson, Managing Director. 

Daniel Eidson

The financing, which involved a senior loan with a C-PACE component, was arranged by Concord Summit’s Daniel Eidson, David Larson and Keegan Burger, on behalf of the Lende“Combining C-PACE with a senior/mezz structure allowed the lender to leverage their existing loan commitment to a better return profile without increasing leverage or pricing. 

David Larson 

“The lender utilized C-PACE as an ‘a-note’ at 30% LTC. The retained senior loan represented 59% LTC with a mid-teens rate and the mezzanine represented 70% LTC with a rate in the 20’s.”

The rental project will feature expansive rooftop amenities, including a fitness center, lounge, and game room; private event space; outdoor pool and terrace; and ground floor co-working space for residents.

Contacts:

Todd Templin, 

BoardroomPR

ttemplin@boardroompr.com

954-370-8999

  

Daniel Benjamin

Account Director

dbenjamin@boardroompr.com

C 954-618-8287

O 954-370-8999

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JLL Capital Markets leads $6 million financing efforts for Benjamin Square, a 60-unit affordable housing community in Eaton, CO

Benjamin Square, a 60-unit affordable
 housing community in Eaton, CO

  

DENVER, CO – JLL Capital Markets has arranged $5.8 million in financing for Benjamin Square, a 60-unit affordable housing community in Eaton, Colorado.

 

Brock Yaffe

JLL represented the borrower, Brikwell, to secure the fixed-rate senior loan through Freddie Mac Multifamily. 

JLL and Freddie Mac were able to craft a structure that provided the borrower time to renew and extend the Project-Based Section 8 HAP contract prior to acquisition and loan closing, preserving affordability at Benjamin Square for 20 years.

The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

 

Benjamin Square consists of 10 single-story buildings that are 100% Section 8 / affordable housing. The property was completed in 1979 and 1980 and offers all one-bedroom units. Community amenities include a laundry room, community lounge and a covered gazebo/picnic area.

Tony Nargi.

Located at 55 Juniper Ave., Benjamin Square is close to downtown Greeley, Colorado, and about an hour north of Downtown Denver. 

The 2.86-acre site is adjacent to Eaton Elementary School, Middle School and High School is a primarily residential area of the community.

 

JLL’s Debt Advisory team representing the borrower was led by Managing Directors Brock Yaffe and Tony Nargi.

 

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

.

 

Contact:

 

 Kristen Murphy

JLL Director

 Public Relations

Phone: +1 617 543 4873

Email:  Kristen.Murphy@jll.com

 

Brikwell.com.

 jll.com

$30 million construction loan secured for Phase IV of Carrie Meek International Business Park in North Central Miami-Dade County, FL

  

Maddy McMillen

 

MIAMI,FL –  JLL Capital Markets has arranged a $30.1 million construction loan for the development of Phase IV of Carrie Meek International Business Park (‘Meek Phase IV’), a two-building, Class A industrial project in Opa-Locka, Florida.

 

Melissa Rose

JLL worked on behalf of the borrower, a joint venture between Foundry Commercial and Clarion Partners, to secure the three-year construction loan through a national bank.

John Rose

The project sits on 21.38-acres of the 122-acre Carrie Meek International Business Park and is subject to a ground lease with the Opa Locka Executive Airport in North Central Miami-Dade County, Florida.

 

The property has easy access to major interstates, including Interstate 95, the Florida Turnpike and Interstate 35, providing connectivity throughout Southern Florida and beyond. Miami is widely considered one of the country’s strongest industrial markets due to intense land constraints and robust tenant demand.

Rendering: Development of Phase IV
of Carrie Meek International Business Park,
 a two-building, Class A industrial project
 in Opa-Locka, FL

Meek Phase IV will feature 374,000 square feet of Class A industrial product, constructed across 179,000-square-foot and 194,000-square-foot buildings – both 248-foot, deep rear-load with 36-foot clear heights and approximately 3.0% office finish. The building sizes are suited for various single-tenant users as well as highly complementary to multi-tenant strategies.

 

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Melissa Rose, Senior Managing Director John Rose and Associate Maddy McMillen.

 

 

For more news, videos and research resources, please visit JLL’s newsroom. 

 

CONTACT:

 

Kristen Murphy

Director, Public Relations

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

617-543-4873

 

foundrycommercial.com.

jll.com. 

 

 

 

 

 

 

$52 million in construction financing arranged for Egret Point Logistics Center in Boynton Beach, FL

 Melissa Rose

MIAMI, FL –  JLL Capital Markets has arranged $52.3 million in senior construction financing for Egret Point Logistics Center in Boynton Beach, Florida.

Egret Point Logistics Center is located at 3800 South Congress
Avenue, Boynton Beach, FL. The project will consist of
 a Class A, two-building, variable-depth
multi-tenant industrial development
totaling 457,110 square feet

JLL worked on behalf of the borrower, a joint venture between Foundry Commercial and Wheelock Street Capital, to secure the financing from First Citizens Bank.

 Egret Point Logistics Center is located at 3800 S Congress Ave. and will consist of a Class A, two-building, variable-depth multi-tenant industrial development totaling 457,110 square feet. The project site totals 30.78 acres and features direct frontage along I-95, one of the major regional transit arteries for South Florida and the Southeast region.

 

The project is located in a highly convenient location within southern Palm Beach County, allowing the property to attract tenants and service consumers from both Broward County and Miami-Dade County to the south.

Steven Klein

This location, coupled with Boynton Beach commanding rents at a discount to other South Florida markets, creates a highly competitive position for this project.

 

A former Baptist Health System clinic, the site is the latest example of the ongoing redevelopment of obsolete assets into premier industrial warehousing, leveraging the site’s unique frontage and expansive acreage to create a premier industrial development opportunity.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Steven Klein and Melissa Rose and Associate Mateo Bolivar.

 

“The sponsors’ forward-thinking decision to redevelop an obsolete medical office building into a Class A logistics property illustrates the ongoing demand for infill industrial sites in South Florida, particularly for multitenant space,” said Rose.

 

Klein added, “It’s a privilege to work on behalf of our best-in-class sponsors to secure financing for this project. We are thankful to our lender team for their successful closing on an efficiently priced non-recourse construction loan amidst current volatility in the debt markets.”

 Mateo Bolivar

“We were pleased to work with Foundry Commercial, Wheelock Street Capital and JLL to arrange financing for this new logistics center in a prime location and a growing market,” said Juan Vives, a managing director with First Citizens Bank Commercial Real Estate.

 

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. 

Juan Vives

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

 

For more news, videos and research resources, please visit JLL’s newsroom. 

 

CONTACT:

 

Kristen Murphy

Director, Public Relations

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

617-543-4873