JLL arranges $30 million financing for New Jersey multi-housing property

Ivy Lane, a 237-unit, garden-style multi-housing community in Bergenfield, Bergen County, NJ

MORRISTOWN, NJ – JLL Capital Markets announced it has arranged $30 million in financing for Ivy Lane, a 237-unit, garden-style multi-housing community in Bergenfield, Bergen County, New Jersey.

JLL worked on behalf of the borrower, Tower Management Service, L.P., to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.

Thomas Didio

Ivy Lane is located on the border of Teaneck and Bergenfield along Liberty Road less than eight miles from Manhattan.

The property consists of 17 two-story buildings that house a mix of 142 one-bedroom, 86 two-bedroom and nine three-bedroom units with an average unit size of 582 square feet.

Ivy Lane also includes 227 on-site parking spaces and 102 garages. The borrower also owns and operates the adjacent Omni Apartments and both communities have experienced high historical occupancies.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio and Analyst Gerard Quinn.

“We were very pleased to execute this fixed-rate loan during the current market conditions,” Didio said.  “Tower Management and Freddie Mac did a great job committing to and closing the loan, and a big thanks to our internal Freddie Mac team for their hard work getting this to the closing table.”

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

 Contact:

 Kristen Murphy

 JLL Senior Manager

Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

jll.com.

JLL arranges sale and financing of five-property, 844 unit San Antonio, TX multi-housing portfolio

 

Moses Siller 

SAN ANTONIO, TX – JLL Capital Markets announced it has closed the sale and arranged financing for a five-property multi-housing portfolio totaling 844 affordable housing units in various San Antonio, Texas, neighborhoods.

 JLL marketed the offering exclusively on behalf of the seller, Terravista Partners, and procured the buyer, Pico Union Housing Corporation. 

Additionally, working on behalf of the new owner, JLL arranged an acquisition loan through Rialto Capital Management. 

Remaining loan proceeds will be used to renovate the properties.

 The garden-style properties in the portfolio include:

·        Roselawn Apartments at 3346 Roselawn Road (120 units)

·        Spanish Spur Apartments at 6835 Pecan Valley Drive (160 units),

·        Villas of Pecan Manor at 6840 Pecan Valley Drive (160 units),

·        Westwood Plaza Apartments at 2600 Westward Drive (308 units) and

·        Winston Square Apartments at 2506 South General McMullen Drive (96 units).

 Zar Haro

Constructed between 1960 and 1976, units average 769 square feet across the portfolio.

 The JLL Capital Markets team representing the seller was led by Senior Directors Moses Siller and Zar Haro.

JLL’s Capital Markets debt placement team representing the new owner was led by Director Anson Snyder.

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. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

 Anson Snyder

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

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

 Contact:

 Kristen Murphy

 JLL Senior Manager

Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

JLL arranges $181.54 million financing for Four North Texas apartment properties

  

 Mona Carlton

DALLAS, TX,  May 18, 2020 – JLL Capital Markets announced today that it has arranged a $181.54 million refinancing of four apartment communities totaling 1,489 units located around the Dallas area in North Texas.

JLL worked exclusively on behalf of the borrower, affiliates of Deerfield, Illinois-based Orion Residential Advisors (“Orion”), to secure four 10-year, fixed-rate loans through Freddie Mac.

Kristopher Lowe

The loans, which are structured to provide five years of interest only payments at a very competitive rate, will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.

 The new loans refinanced four variable-rate Freddie Mac acquisition loans that the deal team originally secured on Orion’s behalf in 2016.

The properties in the portfolio are Orion McKinney, a 453-unit community located in McKinney; Orion McCord Park, a 416-unit community located in Little Elm; Orion Prosper, a 312-unit community, and Orion Prosper Lakes, a 308-unit community, both located in Prosper.

The properties were completed between 2008 and 2012 with an average unit size of 883 square feet across the portfolio. 

The properties feature modern common area amenities, including resort-style pools, fully equipped fitness centers, outdoor entertaining areas and inviting club rooms, as well as access to nearby parks and jogging trails.

Dan Gumbiner

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Mona Carlton and Director Kristopher Lowe.

“The refinance was critical to our long-term strategic plan for the portfolio,” said Orion President and CEO Dan Gumbiner, who led the effort on Orion’s behalf.

“We were determined to complete the transaction despite the current environment. Both JLL and Freddie Mac stood by us and completed the refinancing as originally contemplated. We could not be more pleased with the outcome,” concluded Gumbiner.

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

 Contact:

 Kristen Murphy

 JLL Senior Manager

Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

Park Square Homes Launches ‘Thrive,’ A New Home Collection Designed for First Time Buyers with Prices Starting from $229,990

Laurie Tarver

 ORLANDO, FL (May 18, 2020) – Central Florida’s premier residential and resort home builder, Park Square Homes, is launching a new collection of homes called “Thrive” created to appeal to first home buyers by focusing on quality construction, value engineering and design simplicity.

Park Square Homes has developed the Thrive collection to help address the rising demand for single family homes offered at a reasonable price.

“With four decades’ experience building homes in Central Florida, we recognize the need in our local area and understand the lack of affordable options,” said Laurie Tarver, Park Square Homes Vice President of Sales and Marketing.

Thrive showcases the latest design trends such as open living areas, stylish finishes, smart home technology and energy efficient construction. 

“Thrive provides a simpler way for our customers to buy their dream home,” continued Tarver. “These new homes come move-in ready.”

The Thrive collection will offer popular features with wide appeal such as modern color palettes, gorgeous tile flooring in all living areas and baths, granite counter tops, a choice of white, gray or wood stained cabinets, stainless kitchen appliances, large capacity refrigerator, washer and dryer, window treatments, 16 SEER a/c system, smart door locks, doorbell and thermostat and much more.”

By simplifying the buying process and focusing on affordability, Park Square Homes gives first home buyers the ability to close quickly with the added benefit of low monthly payments, sometimes less than rent.

With value engineering and space efficiency, the typical four-bedroom Thrive home can be built in 60 days, rather than the usual 90-120 days.

 “Our goal is to deliver a beautifully finished home that is move-in ready without the wait,” said Tarver.

With new homes starting from $229,990, Park Square Homes’ first Thrive community launches this month with pre-sales at Tarpon Bay in Haines City, located about 30 minutes south of Orlando. 

 For more information about Thrive, or to join the Tarpon Bay VIP list, please call (407) 529-3108 or visit Park Square Homes online at www.parksquarehomes.com.

CONTACT:

Kimbra Hennessy
 407-415-6656
 kimbra@bitner.com