Done Deals: Apr 7, 2022

Thursday, April 7, 2022

JLL Capital Markets advises on $60 million purchase and financing of University Mall in Burlington, VT by a JV comprising Eastern Real Estate and Taconic Capital

Claudia Steeb

BOSTON, MA, April 7, 2022 – JLL Capital Markets announced today that it has advised on the $60 million purchase of and arranged $36.27 million in acquisition financing for University Mall, a 617,000-square-foot, grocery- and Target-anchored enclosed regional mall in Burlington, Vermont, that is the No. 1 shopping center in the state.

University Mall, a 617,000-square-foot,
grocery- and Target-anchored
enclosed regional mall
in Burlington, VT

JLL advised a joint venture between Eastern Real Estate and Taconic Capital on their acquisition of the asset. Additionally, working on behalf of the new owner, JLL secured a non-recourse acquisition loan from HarborOne Bank and Berkshire Bank.

Dave Monahan

With an estimated 3.9 million visitors per year, University Mall generates more foot traffic than any other shopping center in the state of Vermont.

The 96.3-percent-leased mall is the largest enclosed shopping center in the state and is anchored by Hannaford Supermarkets and Target’s first and only store in Vermont.

The mall is complimented by a diverse mix that includes JCPenney, Kohl’s, Sears, H&M, Victoria’s Secret, Bath & Body Works and Party City. The new owners announced they are exploring a range of plans to reenergize the property, which was originally constructed in 1979 and last renovated in 2018.

Chris Angelone

University Mall spans nearly 52 acres at 155 Dorset St. in Burlington less than three miles from four colleges and universities, including the University of Vermont, and both The University of Vermont Medical Center and the Burlington International Airport are within a mile.

The property also has excellent visibility from Interstate 89, one of Vermont’s most heavily travelled interstates with average daily traffic counts exceeding 47,000.

Cameron Pittman

The property draws from an extended trade area that includes approximately 42 percent of the state’s population and 278,812 residents within a 25-mile radius earning an average annual household income of $105,521.

The JLL Retail Capital Markets team advising the purchaser was led by Senior Managing Directors Dave Monahan and Chris Angelone, Senior Director Cameron Pittman and Managing Director Nat Heald.

“Eastern Real Estate has made a number of savvy regional mall acquisitions over the past few years, and Taconic Capital has a proven track record of intelligent, opportunistic direct real estate investments,” Monahan said.

Nat Heald

“University Mall is a tremendous addition to their portfolios, offering exceptional upside potential.

Eastern and Taconic make an excellent team, and I am excited to see the transformation of University Mall under their ownership.”

The JLL Capital Markets Debt Advisory team included Managing Director Claudia Steeb and Senior Managing Director Brett Paulsrud.

Brett Paulsrud

“Obtaining debt that enables Eastern Real Estate and Taconic to pursue their transformation of University Mall was a key factor in selecting the lending group for this opportunity,” Steeb added.

“The lenders at HarborOne Bank and Berkshire Bank were flexible in providing terms to meet the needs of the ownership group.”

CONTACT:

Kimberly Steele

JLL Manager

Public Relations

Phone: +1 713 852 3420

Email: Kimberly.Steele@am.jll.com

Cuningham announces completion of unique affordable housing and community center development in Minneapolis, MN

Sam Olbekson

MINNEAPOLIS, MN – Cuningham, a design firm with expertise in architecture, interior design, urban design, landscape architecture, and master planning, has announced on behalf of its client, the Red Lake Nation, the opening of Mino-bimaadiziwin Affordable Housing.

The first-of-its kind,110-unit affordable housing community features a Red Lake Nation embassy and healthcare clinic and is located in the heart of Minneapolis’ American Cultural Corridor.

Mino-bimaadiziwin, which means “living the good life” in Ojibwe, provides housing to Red Lake Ojibwe Band members and other local Native American residents, as well as bringing much-needed services to the tribe’s urban population.

Jeff Schoeneck

It is the first housing project developed by a tribal government in a major city, according to Sam Olbekson, AIA, NCARB, Founder and CEO of Full Circle Indigenous Planning + Design, LLC and Cuningham consultant.

“The Red Lake Ojibwe Band identified a strong need for culturally-specific supportive housing for its community members living off the tribe’s northern Minnesota reservation,” says Olbekson.

“In addition to the affordable housing units, the development’s Red Lake Nation embassy and healthcare clinic will create a convenient hub for residents to receive the services, resources, and care they need.”

Project funding for the nearly $42 million development came from the city of Minneapolis, Hennepin County, the Shakopee Mdewakanton Sioux Community, and 15 other sources.

“We’ve seen widespread support for Mino-bimaadiziwin from a range of local stakeholders who hold a strong belief that this permanent housing solution, as well as convenient access to community resources and physical and mental health services, will create a solid foundation upon which residents will flourish,” says Jeff Schoeneck, AIA, NCARB, LEED AP, Principal and Executive Director of Cuningham’s Live Studio.

The project was built on a site that previously served as a temporary navigation center for unsheltered residents in response to an encampment of over 300 people called the Wall of Forgotten Natives.

The Cuningham team collaborated closely with Red Lake Ojibwe community members and other stakeholders to ensure the design was strongly rooted in place and aligned with enhancing and uplifting the resident experience and overall mission of the project.

CONTACTS:

Katie Haga / Elisabeth Manville

The Smart Agency, Inc.

(949) 438-6262
khaga@thesmartagency.com

iBorrow provides financing for acquisitions and value-add repositionings of two vacant properties in New Jersey

Brian Good

MONTCLAIR, NJ and CLIFTON, NJ – iBorrow, a nationwide private direct lender for commercial real estate, recently provided financing to support the acquisitions and repositionings of two vacant properties totaling nearly 50,000 square feet, both located in Northern New Jersey.

The assets include a three-story, 19,952 square-foot property in Montclair, which was historically used as a self-storage facility, and a 28,178 square-foot industrial property in Clifton, according to Brian Good, CEO of iBorrow.

“These two projects reflect strong fundamentals of the New Jersey market that support the demand for upgraded properties spanning a range of sectors,” explains Good.

He notes that the state saw solid population growth over the past decade, especially within the Northern counties where these properties are located.

“Both of the assets will allow the borrowers to serve the needs of their respective submarkets through strategic conversions into new product types with sound and actionable business plans.”