JLL arranges $318 million financing for six-property, 1,494-unit multi-housing portfolio located throughout Maryland, Virginia and Alabama

 Melissa Marcolini Quinn

 ORLANDO, FL, Jan. 24, 2022– JLL’s Capital Markets group announced today that it secured a $318.45 million acquisition loan for a six-property, 1,494-unit multi-housing portfolio located across Maryland, Virginia and Alabama.

 

JLL represented the borrower, Carter Multifamily, to secure the floating-rate, non-recourse bridge loan through J.P. Morgan Chase Bank that will facilitate a Single Asset Single Borrower (SASB) securitization, which is a single-loan large enough to create its own pool for securitization.

 Emily Moallem

 

The multi-housing portfolio consists of:

·         Park at Kingsview Village, 13414 Daventry Way, Germantown, Maryland

·          ·         Stonecreek Club, 12840 Locbury Circle, Germantown, Maryland

·         Hunt Club leasing office, 404 Christopher Avenue, Gaithersburg, MD

·          ·         Springwoods at Lake Ridge, 12395 Midsummer Ln., Woodbridge, Virginia

·         Windsor Park. 3937 Penshurst Ln., Woodbridge, Virginia

·         Oaks of St. Clair, 5050 Oaks of St. Clair Circle, Moody, AL

Featuring garden-style construction with competitive amenities, the overall portfolio benefits from the surging demand for workforce housing.

 

Five of the properties are in the Washington, D.C. suburbs, providing tenants access to the fast-growing job market in and around the District.

 

The 326-unit Park at Kingsview Village, the 240-unit Stonecreek Club and the 336-unit Hunt Club are set in Germantown and Gaithersburg, Maryland, respectively, which are northwestern suburbs along Interstate 270.

Cody Mizelle

The 220-unit Windsor Park and the 180-unit Springwoods at Lake Ridge are both within Woodbridge, Virginia, a southern suburb approximately 23 miles from downtown Washington, D.C.

 

 Located in the growing Birmingham, Alabama MSA, the 192-unit Oaks of St. Clair is positioned in Moody, Alabama, approximately 20 miles east of downtown Birmingham.

Rob Rothaug 

JLL’s Capital Markets Debt Advisory team that represented the borrower was led by Senior Managing Directors Melissa Marcolini Quinn and Lee Weaver, Director Drew Jennewein, Vice President Rob Rothaug and Associates Emily Moallem and Cody Mizelle.

 

“This portfolio acquisition featured multiple sellers and a compressed timeframe, with less than 30 days from signed term sheet to closing,” Quinn said.

 

“The team at JP Morgan was able to provide an attractive, short-term, balance sheet financing option, which is ideal for the planned SASB take out.”

 Drew Jennewein

“We were able to meet the closing deadline through hard work and significant cooperation among our teams,” Weaver added.

 

 “The borrower team at Carter Multifamily has a track record of adding value to multi-housing assets, and they were fantastic to work with on this acquisition, which will be a terrific addition to their portfolio.”

Lee Weaver

JLL’s Capital Markets group 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 and sales advisory, debt advisory, equity advisory or a recapitalization.

CONTACT:

 Jenna Sharp

JLL Public Relations

Phone: +1 214 394 3356

Email: Jenna.Sharp@am.jll.com

carterfunds.com and cartermultifamily.com.

jll.com.