Monday, March 23, 2020

JLL secures $69.5 million refinancing for three-building office portfolio in Downtown Boulder, CO


One Boulder Plaza, a three-building, Class A office portfolio totaling 234,000 square feet in Downtown Boulder, CO

DENVER,CO – JLL Capital Markets announced it has arranged a $69.5 million refinancing for One Boulder Plaza, a three-building, Class A office portfolio totaling 234,000 square feet in Downtown Boulder, Colorado.

JLL worked on behalf of the borrower, The WW Reynolds Companies, to secure the five-year, non-recourse, permanent financing through a national bank.

 Leon McBroom 
One Boulder Plaza is located at 1800 Broadway, 1801 13th Street and 1301 Canyon Boulevard in Downtown Boulder. The three adjacent properties are positioned along Boulder’s main thoroughfares and are directly across from the Downtown Boulder RTD station providing tenants with connectivity throughout Downtown Boulder and the Denver Metro. 

 Additionally, One Boulder Plaza is just one block from the historic Pearl Street Mall, one of America’s most famous pedestrian malls, and is close to numerous restaurants, shopping, entertainment, city parks and the University of Colorado campus. 

 The three- and four-story properties feature two underground parking facilities for more than 300 vehicles and ground floor retail in two of the buildings. 

 Overall, One Boulder Plaza is 97.1% leased to 24 tenants spanning the law, consulting, financial services and food and beverage industries. 

 Eric Tupler
The JLL Capital Markets team representing the borrower was led by Senior Director Leon McBroom and Senior Managing Director Eric Tupler.

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


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. 
                                                          

Contact: 

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

  jll.com.

Posted by Alex at 2:28 PM 0 comments

Nova Capital Secures $27 Million in Acquisition Financing for 255-Unit Class A Multifamily Community in Dallas, TX


Gold Creek Apartments is a 255-unit Class A multifamily property at 704 Dale Lane in the Dallas, TX suburb of White Settlement, TX

DALLAS, TX, March 23, 2020 – Nova Capital, a Los Angeles-based real estate capital advisory firm, has secured $27.385 million in debt and equity financing on behalf of Darwin German Real Estate, a full service real estate investment firm that specializes in multifamily investments, for the acquisition of Gold Creek Apartments, a 255-unit Class A multifamily property in Dallas, Texas.

 Steven Yazdani
The financing, arranged by Nova Capital Managing Director and Founder, Steven Yazdani, comprises a $21.385 million senior loan and $6 million in equity.
“Lender appetite for multifamily product remains strong, especially in high-growth markets such as Dallas Fort-Worth,” says Yazdani, who notes that the DFW metroplex is leading the nation in job growth for its third consecutive year, with 127,600 new jobs added in 2019.


“The challenge in this market is not availability of capital – it’s achieving the right flexibility in terms and structure,” Yazdani continues. 
“In this case, Darwin German – a long-time Nova Capital client with whom we have a strong, trusted relationship – is an experienced owner that is nimble and responsive, with a clear business plan focused on value-add and yield-based investment opportunities. 
"By identifying multiple sources of debt and equity, the Nova Capital team was ultimately able to create a capital stack that met each of the client’s needs for this acquisition.”
Nova Capital sourced the senior loan from one of the largest Freddie Mac DUS lenders in the U.S.; the equity was provided by an internally managed real estate investment trust.
Built in 2016, Gold Creek Apartments is 97% occupied and is situated on an 11.671-acre parcel in the economic and cultural hub of North Texas.

 Darwin German
“As specialists in the Dallas/Fort Worth Metroplex since 1991 and owners of more than 2,100 units in the region, our team immediately recognized the value in acquiring this well-located, stabilized asset on behalf of our investors,” says Darwin German, President of Darwin German Real Estate. 
“Driven by robust fundamentals, the DFW region is already home to three of the 10 largest U.S. companies (Exxon, AT&T, and McKesson), while major tech firms such as Uber and Salesforce are continually increasing their investments in the area. 
"This corporate growth, coupled with the high quality of life here in Dallas has made Texas – and specifically North Texas – one of the most popular destinations for interstate moves in the country.”
German notes that Gold Creek Apartments is well-positioned to benefit from rising renter demand as a result of this exponential growth.
Located at 704 Dale Lane in White Settlement, TX, the gated apartment community offers a mix of one- and two-bedroom floor plans with a host of modern amenities, including collaborative BBQ/picnic areas, a business center, dog park, fitness area, and sundeck.

Contacts:

Lisa James / Jenn Quader
Brower Group
(949) 438-6262
ljames@brower-group.com

 www.novacapital.com.

Posted by Alex at 1:38 PM 0 comments
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