Tuesday, December 28, 2021

JLL Capital Markets arranges $120 million loan for the award-winning Infinity Park in a highly sought-after Central Florida market

  

 Melissa Rose

ORLANDO, FL, Dec. 28, 2021 – JLL Capital Markets has arranged a $120 million refinancing on behalf of McCraney Property Company and partner Tavistock Development Company for the award-winning Infinity Park, a newly constructed, nine-building, Class A logistics park totaling 1.3 million square feet in Orlando, Florida. 

     Infinity Park, 2500 Consulate Drive, Orlando, FL

JLL worked on behalf of the borrower, McCraney Property Company and Tavistock Development Company, to place the 10-year, fixed-rate loan with Lincoln Financial Group.

 “The development team set the tone for success in this project,” said McCraney Property Company CEO and President Steven E. McCraney.


Steven E. McCraney

 

 “It was the right location in the right market that produced this phenomenal list of tenants that joined us at the park.”

 

Constructed in phases between 2019 and 2021, NAIOP named Infinity Park the Central Florida Industrial Development of the Year in 2019 for its meticulous design and highly functional layouts.


The 92 percent-leased industrial park is home to 17 tenants and features a premium credit profile with major tenants such as Pepsi (Moody’s: A1).


Maxx Carney
Infinity Park is located 2500, 2505, 2559, 2583, 2598, 2612, 2613, 2619 and 2622 Consulate Dr. in one of the best logistics locations in Central Florida.

 

Due to its unparalleled multi-expressway access where the Beachline Expressway (SR-528) intersects with the Florida Turnpike and John Young Parkway, tenants can reach more than 20 million residents – or 95 percent of the population of Florida – within a four-hour drive and nearly 3.7 million customers within a one-hour drive.

 

As one of the fastest-growing metro areas in the country, Orlando’s population is booming and is anticipated to continue to outpace state and national averages over the next five years.


Reid Carleton


JLL Research’s recently released Orlando Industrial Insight report for the third quarter details how new deliveries cannot keep up with the demand, leading vacancy to dip to 3.1 percent.

 

The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Melissa Rose, Director Maxx Carney, Associate Reid Carleton and Analyst Maddy McMillen.

 

“It was a privilege to work on behalf of McCraney Property Company and Tavistock to secure optimal financing terms for one of Florida’s most noteworthy industrial assets,” Rose said.


“The sponsorship, location and tenant mix of the asset are second to none, resulting in a highly competitive process with a wide array of capital sources that were eager to provide financing.” 


Maddy McMillen

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. 

The firm has more than 3,000 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

PR, Capital Markets,

Agency Leasing and Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 

Westport Properties Sells Multifamily Community in Glendale, AZ for $30 Million

 

 Park 67 apartments, Glendale, AZ

PHOENIX, AZ -- Westport Properties, a premier owner/operator of self storage and multifamily properties nationally, has sold Park 67, a 160-unit multifamily community in Glendale, Arizona under the entity Vertex Glendale, LLC to an undisclosed buyer for $30.4 million. 

Westport Properties acquired the property for $14.7 million in January 2020.

 David Grissom

Located at 6112 N 67th Avenue, Park 67 features one- and two-bedroom units ranging in size from 655 to 855 square feet with rents ranging from $850 to $1,175. 

 The community features covered parking, covered ramadas, air conditioning, spacious closets, pool, barbeque area, window coverings and laundry facilities.

“We were able to acquire Park 67 at a great price, a 6.5cap rate due to the loan assumption,” David Grissom, Managing Partner, Westport Residential, LLC, an affiliate of Westport Properties. 

Jesse Hudson
“Our team was able to grow rents by renovating the property and making it a more desirable place to live.  

"The residential market in the Phoenix area has been very strong this year which also enhanced our ability toincrease the property’s value.”

Jesse Hudson, Trevor Koskovich, Bill Hahn and Ryan Boyle from NorthMarq Phoenix represented Westport Properties and the buyer in the transaction.

“Park 67 is an excellent example of the rent growth opportunity in the Glendale market,” says Hudson.

Trevor Koskovich

“The Phoenix multifamily market continues to move at a substantial pace. Park 67 marks our team’s seventh multifamily sale this month, with three additional transactions scheduled to close before year end.” 

About Westport Properties

Founded in 1985, Westport Properties (“WPI”) is an owner-operator of self storage, multifamily and industrial properties across the United States.

The Company is a fully integrated operator that develops, acquires and manages its portfolio as well as providing third-party management services.

As of December 2021, it has under management 161 self storage assets in 16 states with a total of 105,603 units and 11,675,655 net rentable square feet of self storage space with its US Storage Centers brand and 669 multifamily units, employing approximately 400 people nationwide.

Bill Hahn 
WPI is a founding partner of the 501(c)3 Kure-It, a non-profit organization that raises money for underfunded cancer research, and Charity Storage, a 501(c)3 that uses vacant storage units to raise money for local charities.

 To date, Kure-It has raised over $10M and Charity Storage has raised over $500K.

 

About Northmarq

As a capital markets leader, Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing to protect and add value to their assets.

Ryan Boyle

For capital sources, we offer partnership and financial acumen that support long and short-term investment goals.

Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $30 billion, loan servicing portfolio of more than $70 billion and the multi-year tenure of our more than 700 people.

 

 

 CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

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