Asia Capital Real Estate refinances to continue Arbor Ridge renovations in Atlanta, GA

Jesse Wright

ATLANTA, GA – JLL Capital Markets announced it has arranged $17.2 million in refinancing for the Arbor Ridge multi-housing property located at 150 Chateau Terrace in Athens, Georgia

 JLL worked on behalf of the borrower, Asia Capital Real Estate (ACRE), to secure the 10-year, floating-rate loan through Freddie Mac.

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

ACRE acquired the property in December 2018 and performed an extensive renovation, which successfully raised the profile of the asset.

Arbor Ridge consists of one-, two- and three-bedroom apartments, totaling 212 units. Community amenities include a pool, fitness center, business center, laundry facility, pet park and clubhouse. 

In-unit amenities include energy-efficient windows, French doors, over-sized closets and private balconies, with select units having stainless steel appliances and access to washer and dryer connection. 

 Ware Shipman

Arbor Ridge is located immediately off Route 78 in the West Athens submarket of Athens with proximity to all of the major largest employers in the city. 

Arbor Ridge is located several miles from the University of Georgia, a public university with an enrollment of over 38,000 students and over 10,700 employees. 

Founded in 1785, the University of Georgia is one of the oldest public universities in the United States. The Property is also under 2 miles away from St. Mary’s Health System, which is one of the largest private employers in Athens with 2,100 high paying jobs. 

Athens is known for its eclectic mix of Southern heritage, modern attractions and a vibrant arts scene.

University of Georgia, Athens, GA

 The JLL Capital Markets team representing the borrower was led by Directors Jesse Wright and Ware Shipman.

”This deal is a testament to the confluence of very shrewd investing by the borrower, and the historically attractive rates from the agencies today which lead to a sub 3.00% loan and cash back to the borrower,” says Wright. “We were thrilled to have the opportunity to assist them with this element of their business plan.”

Contact:

Natalie Passarelli
Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 

JLL secures equity and debt financing on behalf of Turnbridge Equities for Bronx Logistics Center

Bronx Logistics Center, a 14.2-acre development site located at 980 East 149th Street in the Bronx, NY

NEW YORK, NY — JLL Capital Markets announced it has secured Dune Real Estate Partners as a joint venture equity partner and $105 million of predevelopment debt  financing on behalf of Turnbridge Equities for Bronx Logistics Center, a 14.2-acre development site located at 980 East 149th St. in the Bronx.

Kristin Knapp

 The development site is strategically positioned in the Hunts Point submarket with access to over 17 million people within a half-hour drive.

Christopher Peck

Representing Turnbridge Equities in the equity recapitalization were Senior Managing Director Andrew Scandalios; Senior Director Tyler Peck; and Vice President Thomas Pryor.

JLL’s Senior Managing Director Christopher Peck; Senior Director Peter Rotchford; and Vice President Kristin Knapp arranged the debt financing.

The proposed development Bronx Logistics Center will be a state-of-the-art, 1.2-million-square-foot, four-story last-mile distribution facility featuring 70 loading docks, 1,400 parking spaces and clear heights up to 28 feet.

Bronx Logistics Center is conveniently located close to I-278, which offers easy connection to I-87 and I-95, and is less than two miles from the Hunts Point Food Distribution Center, one of the largest wholesale distribution centers in the world.

Andrew Scandalios

“Same-day delivery is expected to increase from 2 percent to over 25 percent of e-commerce transactions by 2025, which has now accelerated due to the COVID-19 pandemic,” Scandalios said. 

 “This facility’s location, access to rail and market-leading property specifications position it as a best-in-class multi-story logistics facility poised to capitalize on the increasing need for rapid delivery times to consumers.”

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.

Tyler Peck

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 our newsroom.

Contact:

 George Shea, Mark Faris

Company: Shea Communications

Phone: +1 212 627 5766

Email: mfaris@sheacommunications.com

jll.com.

 

660 J Street in Sacramento, CA trades to opportunity zone buyer

Cheri Pierce 

SAN FRANCISCO, CA, Sept. 8, 2020 – JLL Capital Markets announced today that it has closed the sale and financing of 660 J Street, a 124,471-square-foot creative office and retail property anchoring Sacramento’s DOCO entertainment and lifestyle district.

Rob Hielscher

 JLL’s Investment Advisory team represented the seller, a joint venture between the Sacramento Kings and JMA Ventures LLC, in its sale to the buyer, RevOZ Capital, a southern California-based opportunity zone buyer.

Additionally, JLL’s Finance team secured acquisition financing on behalf of the buyer.

 660 J Street is currently undergoing a redevelopment, and when completed in 2021, will be the area’s best-in-class creative office property.

Erik Hanson

The four-story building will feature a brilliant glass curtainwall, a rooftop patio, flexible floorplates and vibrant street-level retail. 

Located at the corner of 7^th and J Streets, 660 J Street is a cornerstone of the DOCO District and is just steps from Golden 1 Center, the Kimpton Sawyer hotel and an array of restaurants and experiential retailers.

 Rob Hielscher, Erik Hanson, Michel Seifer, Michael Manas and Cheri Pierce of JLL Capital Markets represented the sellers, while financing efforts were led by Jeff Sause and Jordan Angel.

Michel Seifer

 “Sacramento is California’s top growth city and is one of only a few in the state that has seen strong positive migration in recent years,” Hielscher said. “660 J Street is a key component of the highly successful DOCO District of downtown Sacramento.

"It will be exciting to see the transformation of the building into one of the most high-end, mixed-use assets in the market.”

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

Michael Manas 

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 our newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413. 

 About JMA Ventures LLC

Jeff Sause

JMA is a full-service investment and development firm focusing on real estate and leisure-lifestyle assets. The firm works on every project scope from concept and entitlement through completion and operation. For more information, please visit: jmaventuresllc.com.

About RevOZ Capital

RevOZ Capital facilitates the revitalization of federally sanctioned Opportunity Zones by providing co-investment capital to qualified developers of institutional quality projects. 

RevOZ’s unique approach is a product of the founders’ deep experience in urban redevelopment, capital markets and decades of cycle-tested commercial real estate experience. To learn more, visit revozcapital.com.

Jordan Angel

 About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

 JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, please visit jll.com. 

Contact: 

Natalie Passarelli

 JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email: Natalie.Passarelli@am.jll.com

Central Florida retail center to undergo $10.9 million major redevelopment

 Pearl Britain Plaza, Ocala, FL

Rick Baer

MIAMI, FL – JLL Capital Markets announced it has arranged $10.9 million in financing for the redevelopment of Pearl Britain Plaza, a Publix-anchored neighborhood shopping center in the central Florida community of Ocala, Florida.

JLL worked on behalf of the borrower, a Miami-based family office and American Commercial Realty Corp. (ACR), the developer, to place the seven-year, fixed-rate loan with First Florida Integrity Bank. 

Loan proceeds will be used for the redevelopment of the property. 

George Kleier

The borrower plans on demolishing the existing Publix building at Pearl Britain Plaza that was constructed in 1991 and building a new 48,387-square-foot Publix supermarket with a drive-thru pharmacy anchoring the rebuilt 77,637-square-foot retail center. 

Publix has the No. 1 grocery market share in Florida. The redeveloped retail center will have improved visibility and access from all adjacent roads as well as a new façade, lighting and landscaping.

All the existing tenants have shown their commitment to the project post-renovation by contracting to stay at Pearl Britain.

Located at the intersection of NE 35th St. and NE 25th Ave., Pearl Britain Plaza is in Ocala, which is approximately 85 miles north of Orlando and 90 miles southwest of Jacksonville. 

 Justin Paul

The asset benefits from continued population growth and limited competition in the submarket.

“We are very pleased to have developed a plan which allows Publix to continue to serve the local market and its residents with an upgraded facility and improved appearance,” said Rick Baer, ACR President.

“A highlight of our efforts was the cooperation with the local government in developing a plan that benefits the center’s business while preserving the natural area surrounding it,” added George Kleier, ACR’s Director of Leasing and Development. 

Leasing Manager for the center, Justin Paul, pointed to the enthusiastic response he is receiving to the newly redeveloped spaces which will be available early in 2021.

Elliott Throne

The JLL Capital Markets team that represented the borrower was led by Managing Director Elliott Throne and Director Jesse Wright.

“The combination of a strong operator in ACR and a well-conceived business plan, led to a highly competitive lender field, even during a pandemic,” Throne said. “Once complete, this renovated Publix is in prime position to continue its exceptional sales trend.”

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.

Jesse Wright.

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 our newsroom.

CONTACT:

Kimberly Steele

JLL Senior Associate

Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

AmComRealty.com.

firstfloridaintegritybank.com.

jll.com.

University City multi-housing project in Charlotte, NC moves forward with construction

Jane Wu
(photo courtesy Connect Commercial Real Estate)

 CHARLOTTE, NC – JLL Capital Markets announced it has arranged $44.5 million in financing for the development of Lumeo, a 314-unit, transit-oriented, multifamily project in the University submarket of Charlotte, North Carolina.

JLL worked on behalf of the developer, Panorama Holdings, LLC, to secure the construction loan through Broadshore Capital Partners.

“We’re committed to provide high-quality products bettering the living of the residents in the University City community,” says Jane Wu, president of Panorama Holdings. 

“Lumeo is strategically located at the center of University City Entertainment District, within walking distance to Topgolf, LYNX Station and Belgate Shopping Center. 

"We have confidence in Lumeo that its fascinating location and carefully designed luxury amenities will suit the dynamic and urban lifestyle here.”

Lumeo, a planned 314-unit, transit-oriented, multifamily project in                        the University submarket of Charlotte, NC

The JLL debt placement team leading the financing efforts included Senior Managing Director Hal Kempson and Director Taylor Allison.

JLL’s Project & Development Services group has been engaged to handle development and construction management for the property.

Hal Kempson

“Prior to the light rail’s delivery, the University submarket of Charlotte had been slow to develop,” said Kempson. 

“Now that the light rail is built out, we anticipate tremendous rent growth, similar to what we witnessed in the South End neighborhood.

 "Communities such as Lumeo are poised to benefit from this trend and will enjoy long-term stability, especially given the University market’s connectivity to UNC Charlotte and the recent inbound migration we’ve seen to secondary markets such as Charlotte due to the current pandemic.”

The first units at Lumeo are scheduled to be delivered in December 2020 and the entire project will be completed in 2021. 

The project comprises five garden-style buildings on a 10-acre parcel immediately adjacent to the University City Boulevard LYNX station and just one-half mile from Tom Hunter station. 

The community is centrally located in an amenity-rich area between UNC Charlotte and Uptown, deriving demand from both the student and professional population. 

Taylor Allison

With various one bedroom, two-bedroom and three-bedroom options, Lumeo features both outdoor community living and indoor relaxation space. 

Residents will enjoy the large upscale clubhouse, a resort-style saltwater pool with sun deck, and courtyards with gas grills, bar and fire pit.

 A full fitness center with a yoga room couples with a walking trail throughout the community that will be a perfect fit for an active lifestyle.

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

Contact:

Kristen Murphy

 JLL Senior Manager

 Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

Freddie Mac provides loan to refinance top-performing Houston community

Hanover Southampton, 5122 Morningside Drive,
 West University neighborhood. Houston, TX

 HOUSTON, TX – JLL Capital Markets announced it has arranged financing for Hanover Southampton, a 206-unit multi-housing community in Houston’s affluent West University neighborhood.

 JLL worked on behalf of the developer, Hanover Company and State Farm, to secure the seven-year, fixed-rate loan through the Freddie Mac CME Program. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Cortney Cole

 Completed in 2015, Hanover Southampton is located at 5122 Morningside Drive within walking distance to Houston’s most historic mixed-use urban development, Rice Village, which boasts over 300 retailers and dining establishments.

Additionally, the property is proximate to Houston’s largest employment centers including Texas Medical Center, Greenway Plaza, Galleria and Downtown.

The 95-percent-leased community offers 12 floors of living with units averaging 1,435 square feet each. 

 Dustin Selzer

Community amenities include a 10,000-square-foot rooftop resident amenity lounge, rooftop pool, 24-hour concierge, Technogym fitness club, outdoor grilling stations, private theatre, executive conference room, bike storage, valet dry cleaning services and pet-washing station.

 The JLL debt placement team representing the borrower was led by Managing Director Cortney Cole and Director Dustin Selzer.

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

 
Contact:

Kristen Murphy

 JLL Senior Manager

 Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

JLL brokers $34 million loan for 920 Belmont Avenue development in North Haledon, NJ

JLL arranged construction financing for the development of a multi-housing property at 920 Belmont Avenue in North Haledon, NJ

MORRISTOWN, NJ – JLL Capital Markets announcedthe arrangement of a $34 million construction loan for the development of a multi-housing property at 920 Belmont Ave. in North Haledon, New Jersey.

Jon Mikula

JLL worked on behalf of the borrowers, Tulfra Real Estate and The Hampshire Companies, to secure the loan through Investors Bank. The development is expected to be completed in 2021.

The 180-unit, affordable luxury apartments will contain modern amenities including a fitness center, lounge area, coworking space, pet wash center, bike storage, outdoor pool and patio area with grilling stations and a fire pit.

The development is also conveniently located near northern and central New Jersey and New York City’s most prominent employment centers. 

Ideally situated for those wanting easy access to urban life, the property is within a five-mile radius of three train stations: Glen Rock Borough Hall, Hawthorne Station and Paterson Station with access to Hoboken, Jersey City and Manhattan.

 Nearby highways include New Jersey Route208, I-80, I-287 and The Garden State Parkway. Additionally, 920 Belmont Avenue is just 0.3 miles from William Paterson University and residents will benefit from a variety of shops, restaurants and entertainment that support the university. 

Michael Klein

The property is also located in the burgeoning Passaic County submarket, where multi-housing properties make up roughly 29.3% of the local market inventory with a total of 6,278 units across 112 properties.

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

“We are pleased to have been able to close this transaction on behalf of Tulfra Real Estate and The Hampshire Companies despite the difficult market conditions we are working in,” stated Klein. “The bank really stepped up and was able to provide a structure that met the unique nuances of this project.”

“This project has been years in the making and will finally come to fruition due to the persistent efforts of the borrower,” continued Mikula. “Kudos to Investors Bank for helping us get to the finish line during COVID.”

 CONTACT:

Natalie Passarelli
Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 jll.com.

us.jll.com/investorservices