JLL arranges $28 million financing for suburban Minneapolis apartments

The Cliffs at Minnetonka apartments, Minnetonka, MN

DENVER, CO – JLL Capital Markets announced it has arranged $28 million in financing for The Cliffs at Minnetonka, a 456-unit garden-style apartment community in Minnetonka near Minneapolis, Minnesota.

JLL worked on behalf of the borrower, The Cliffs Limited Partnership LLP, to originate the 10-year, fixed-rate Fannie Mae loan. The loan, which will be used to refinance an existing loan, will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

Brock Yaffe

Completed in 1988, The Cliffs at Minnetonka is located at 12300 Marion Lane in a busy commercial corridor close to the Interstate 394 and 494 interchange in suburban Minneapolis.

 The 27.5-acre site features six four-story buildings with 456 units.

The JLL Capital Markets team representing the borrower was led by Senior Director Brock Yaffe.

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

CONTACT:

Kimberly Steele

JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 jll.com.

Luxury apartments sold at record pricing in Chicago’s North Shore community

Apartment Homes at Kelmscott Park located in the greater Chicagoland’s affluent North Shore community in Lake Forest, IL

CHICAGO, IL, June 25, 2020 – JLL Capital Markets announced today that it has completed the sale and financing of the new, luxury Apartment Homes at Kelmscott Park located in the greater Chicagoland’s affluent North Shore community in Lake Forest, Illinois.

Tim Anderson

JLL represented the sellers, Focus and funds managed by Castlelake, L.P., and worked on the behalf of the buyer, Intercontinental Real Estate Corporation (“Intercontinental”), to originate the 10-year Fannie Mae loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

 Amanda Friant

On a per unit basis for residential components only, the sale exceeds the previous suburban Chicago multi-housing record of approximately $436,000 per apartment home set by the 2018 sale of 1620 Central in Evanston. 

Steve Centrella

This trade also marks the first sale of a Class A, suburban, multi-family property in 2020 and the only institutional suburban trade in the second quarter thus far.

“We’re extremely pleased about the sale of the Kelmscott Park apartments, as it shows great positivity and optimism for the real estate and development industry during an unprecedented time in our city and country,” said Tim Anderson, CEO and Founder of Focus. 

“Thisunique multi-family community fulfills the new and growing demand from emptynesters for upscale rental apartments in the North Shore and it serves as anirreplaceable asset in any portfolio. 

Chris LaFrance

"With done dealsthe help of the City of Lake Forest,we were able to activate an otherwise stagnate municipal site and deliver avariety of new housing to the community.”

Apartment Homes at Kelmscott Park consist of three, three-story buildings totaling 111 homes that average 1,220 square feet, touting elegant design elements, including wall-to-wall windows and sophisticated fixtures and finishes. 

The apartments are steps away from Lake Forest’s charming Market Square and the Metra Rail and are proximate to 11 Fortune 500 firms in Lake County.

Marty O’Connell

One of the most desirable Chicago suburbs, Lake Forest offers residents top-rated public schools, a pristine private community beach along Lake Michigan and vast parkland, all while boasting the lowest tax rate in Lake County.

 Given high barriers to entry in Lake Forest, Apartment Homes at Kelmscott Park is the first and only institutional apartment community in the town.

 It is also part of a 10.7-acre planned community featuring condominiums priced over $650,000 and $1.4-million single-family homes.

A sought-after renters-by-choice community, the Kelmscott Park apartments is 92% occupied with a majority of renters age 50 and older.

 The community sparked interest from empty nesters and retirees looking to downsize and take advantage of the apartments’ luxurious amenities and low maintenance living with the benefit of no property taxes.

Wick Kirby

Steve Centrella and Chris LaFrance led the transaction for Intercontinental.

“We are very pleased with this transaction and to have the opportunity to add such a high-quality asset to our portfolio,” Centrella said.

The JLL Capital Markets Investment Advisory team includes Marty O’Connell, Wick Kirby, Kevin Girard and Amanda Friant. Financing was procured by Matt Schoenfeldt and Chris Knight.

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

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. 

Kevin Girard 

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 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. 

JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

Matt Schoenfeldt

About Focus 

Focus is a Chicago-based developer and general contractor, that since 1993, has utilized an integrated delivery model to produce a diverse portfolio of distinctive real estate. 

Focus has delivered developments in the Chicago market that value over $1.8 billion and projects have ranged from smaller, multifamily communities in historic districts to high-density, mixed-use redevelopments in thriving downtowns.

About Castlelake

Castle lake, L.P. is a global private investment firm focused on investments in alternative assets, sub-performing notes and special situations, and is an experienced leader in aircraft ownership and servicing. 

Chris Knight

Castlelake manages private funds and debt vehicles with approximately $16.5 billion in assets on behalf of its investors, including endowments, foundations, public and private pension plans, private funds, family offices, insurance companies and sovereign wealth funds.

About Intercontinental Real Estate Corporation

Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. 

Since 1959, Intercontinental has managed, developed, or owned over $14 billion in real estate property. Today, Intercontinental manages a portfolio in excess of $10 billion for its clients

CONTACT:

Natalie Passarelli,

JLL Senior Associate

 Public Relations

Phone: +1 (224) 477-7307

Email: Natalie.passarelli@am.jll.com

castlelake.com.
 jll.com.

M&R Development Begins Construction on Elevate, a 270-Unit Rental Building in Madison, WI

Anthony Rossi Sr.

CHICAGO, IL —M&R Development announced it has begun construction on a 270-unit luxury apartment building in Madison, Wisc. named Elevate. 

Located at 5022 American Parkway, Elevate’s first move-ins are anticipated to take place in August 2021. M&R is co-developing the project with Campbell Capital Group, LLC.

“Madison’s east side historically has not had an abundance of residential development, however with American Family’s headquarters nearby and the new UW-Madison clinic under construction in the area, there is a definite need for new housing options,” said Anthony Rossi, Sr., managing partner M&R Development. 

Rendering of  "Elevate," a planned 270-unit luxury apartment building at 5022 American Parkway in Madison, WI

“As statistics show, everyone appreciates a shorter commute time – especially when you can walk to work – so we expect Elevate will be a welcome addition to the area, which is seeing a rise in job growth.”

Madison, Wisc.-based Stevens Construction is serving as general contractor for Elevate with Midlothian, Va.-based Poole & Poole Architecture as the architect. RMK Management will be handling leasing and property management. 

CONTACTS:

 Robin Plous, rplous@taylorjohnson.com, (312) 267-4512

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

elevate@rmk.com

www.mandrdevelopment.com.

Starbucks-leased Building in Fullerton, CA on the Market for $7 Million

3,000-square-foot, single-tenant retail building triple net leased to Starbucks at 1101 South Harbor Boulevard, Fullerton, CA

NEWPORT BEACH, CA – JLL Capital Markets announced it has been named to market for sale a 3,000-square-foot, single-tenant retail building triple net leased to Starbucks in Fullerton, California. 

JLL is marketing the property on behalf of the seller, a Southern California-based retail developer who is asking $6.925 million for the property.

Adam Friedlander

Constructed in 2020, the property has a fully entitled drive-through and is occupied by investment-grade tenant Starbucks Corporation (NASDAQ: SBUX), which is the world’s largest coffee house chain and has more than 30,000 locations in 70 countries. 

Starbucks recently signed a rare, 20-year, absolute, triple-net ground lease with no termination rights, showing its commitment to the property.

Situated on 0.91 acres at 1101 S. Harbor Blvd., the building occupies a prime corner location with high visibility to more than 75,700 vehicles per day.

 The building is near downtown Fullerton within a major retail corridor with direct access to the 91 Freeway and across South Harbor Boulevard from a Costco-anchored neighborhood shopping center. 

Additionally, the property is in a dense, infill location surrounded by a population of more than 615,000 residents within a five-mile radius.

The JLL Retail Capital Markets team representing the seller is being led by Director Adam Friedlander.

“This Starbucks property presents a unique investment opportunity to purchase a brand-new construction building with a primary lease term of 20 years,” Friedlander said. “The subject property is 3,000 square feet, which is larger than the standard Starbucks store size of 1,850 to 2,500 square feet, and its 0.91-acre parcel is difficult to come across in Orange County.

“Drive-thru entitlements also are rare in Orange County and take long periods of time to achieve,” Friedlander continued. “There are no early termination rights in the lease that is accompanied by zero landlord obligations. This Starbucks is one of the most attractive single-tenant, net-lease investment offerings currently on the market in Orange County.”

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

  

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

CONTACTS:

Adam Friedlander

 JLL Director

California License #:  01806555

Phone: +1 949 527 4978

Email: Adam.Friedlander@am.jll.com

Kimberly Steele

JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 jll.com.

Tower Management Service L.P. lands $12 million credit facility

Paltz River apartments, Montgomery, NY

MORRISTOWN, NJ, June 25, 2020 – JLL Capital Markets announced today that it has arranged a $12 million credit facility for Tower Management that will be secured by four separate properties.

Thomas Didio 

The line of credit will include:

•  97-99 Bayard Street in New Brunswick, New Jersey; 
• Spring Gardens apartments in New Providence, New Jersey; 
• Windsor Terrace apartment community in New Windsor, New York, 
• Paltz River apartments in Montgomery, New York. 

JLL’s Capital Markets team representing the borrower was led by Thomas Didio and Zachary Chaikin.

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. 

The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. 

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

Contact: 

 Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 (224) 477-7307

Email: Natalie.passarelli@am.jll.com

jll.com

Tower Management Service, L.P.

Epoch Residential sells 292-unit apartment community in Phoenix, AZ to Knightvest Capital

Capital Place apartments, 11 South 12^th Street, Phoenix, AZ

PHOENIX, AZ – JLL Capital Markets announced it has completed the sale and financing of Capital Place apartments located at 11 S. 12^th St. in Phoenix, Arizona. 

Mike Higgins

JLL arranged the sale from Epoch Residential to Knightvest Capital. 

JLL also worked on behalf of Knightvest Capital to secure the acquisition financing through Freddie Mac. 

The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

Capital Place was built in 2016 and contains 292 multi-housing units within two five-story buildings. 

A high-demand apartment community, resident amenities include a resort-style swimming pool, state-of-the-art fitness center, clubhouse, spa, access to cabanas and barbeque grills, parking garages and more. In-home features include stainless steel kitchen appliances, custom kitchen cabinets, granite counter tops and covered balconies, among others.

 Charles (Charlie) Steele 

The community is located in the metro-Phoenix area, in close proximity to the city’s popular business and entertainment districts such as the Phoenix Convention Center, Chase Field (MLB), Talking Stick Resort Arena (NBA) and multiple renowned medical and education institutions.

The JLL Capital Markets Investment Advisory team representing the seller includes Mike Higgins, Charlie Steele and John Cunningham. The acquisition financing was placed by JLL’s Mark Brandenburg and Brad Miner.

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

John Cunningham

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 the firm’s U.S. media center Web page: U.S. newsroom.

About JLL

Mark Brandenburg 

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 more than 94,000 as of March 31, 2020. 

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

Brad Miner

About Epoch Residential

Epoch Residential is a fully integrated development, construction and management company that has managed over 100,000 multi-family units in more than 90 cities nationwide.

 The company has developed and built over 36,000 units in more than 55 cities nationwide since 1970, and has corporate offices in Winter Park, Florida.

About Knightvest Capital 

Founded in 2007, Knightvest has become a major player in repositioning multifamily assets, transforming more than 100 properties, and consistently delivering exceptional returns for investors, and a better quality of life for its residents.

Contact:

 Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 (224) 477-7307

Email: Natalie.passarelli@am.jll.com