JLL Capital Markets closes $47 million sale of 36, transit-oriented apartment properties spread across the East Boston neighborhood

Boston Mayor Michelle Wu.

BOSTON, MA -- JLL Capital Markets has closed the $47 million sale of a 36-building, 114-unit, multi-housing portfolio in the growing East Boston neighborhood. 

 JLL represented the seller, a joint venture between The Grossman Companies and Hodara Real Estate Group.

 East Boston Community Development Corporation (EBCDC) acquired the portfolio. EBCDC has acquired this portfolio to help expand affordable housing options in East Boston.

Kellie Coveney

They were attracted to the portfolio given the immediate scale it provides across all neighborhoods, the quality of assets and access to transit.

 The portfolio includes 36 buildings spanning the Jeffries Point, Eagle Hill and Orient Heights neighborhoods within Greater East Boston. The properties feature floorplans ranging from studios to seven-bedroom units with the majority being one- and two-bedroom units.

Jacqueline Meagher

The 36 properties are spread across 2.5 miles within the neighborhood. Residents benefit from access to four MBTA Blue Line stations, the immediacy to downtown Boston, proximity to Boston Logan Airport and a fully walkable neighborhood. 

The properties also offer easy highway connectivity to Route 1, I-90 and I-93. Additionally, the properties are just five-minutes from the neighboring Suffolk Downs redevelopment, which will encompass 16.2 million square feet of commercial, life science, retail and residential space.

Madeline Joyce

"As Boston continues to grow, we are moving urgently to ensure that all of our residents and families have access to safe, affordable housing," said Boston Mayor Michelle Wu. 

"This acquisition of over 100 units in East Boston is a great example of what is possible when we use every tool as a city and partner across sectors to make Boston a city for everyone. 

"I'm grateful to the Mayor's Office of Housing for their leadership and look forward to accelerating our efforts for affordability across our neighborhoods.”

 The JLL Capital Markets Multi housing team was led by Director Kellie Coveney, Director Jacqueline Meagher and Associates Madeline Joyce and James Burr.

 “The portfolio thoughtfully encompassed a variety of multi-housing product in East Boston,” said Coveney. “There was strong interest from the market and the overall outcome represents a great execution and partnership between buyer and seller.”

 “Having acquired these assets piece-meal over a 24-month period in 2014-2015 and completing moderate renovations in all of the units, we are pleased to have successfully executed our strategy by selling the portfolio to a single buyer,” said David Grossman, principal at The Grossman Companies.

James Burr

“On behalf of the Grossman family and our investors, we are ecstatic that these units will be owned for the long-term by EBCDC and its constituents, who will preserve this housing and lease it to mixed-income residents going forward.” 

East Boston One

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 and sales advisory, debt advisory, equity advisory or a recapitalization. 

East Boston Two

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

                       East Boston Three

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CONTACT:

 

Jenna Sharp

JLL

M +1 214 394 3356

JLL.com

 

KAI Enterprises, The UP Companies Promote Shawn Lewinski, CPA to Chief Financial Officer and Amanda Schwane, MSA to Vice President of Finance and Controller

 

Amanda Schwane

St. Louis, MO --  KAI Enterprises proudly announces the promotion of KAI Vice President of Finance Shawn Lewinski, CPA to Chief Financial Officer and KAI Controller Amanda Schwane, MSA to Vice President of Finance and Controller. They will also be serving in these roles for sister firm The UP Companies (UPCO).

Shawn Lewinski

In their new positions, Lewinski and Schwane will oversee the finance and accounting functions for both KAI and UPCO, with a focus on aligning talent, functions and processes that provide best class services to internal operating customers, ownership groups, external stakeholders, partners and customers.

 Lewinski and Schwane both joined KAI in December 2021. Lewinski has nearly 25 years of finance and accounting experience, having previously worked for large privately held firms, public companies and Big Four audit and tax firms. He has a Bachelor of Science in Accounting from the University of Missouri-Columbia.

 

 

Brian Arnold

 

Schwane has nearly 12 years of accounting experience. Prior to KAI, she held accounting positions at Scottrade Inc., MasterCard International, Centene Corporation and EGA America Inc.

 

 She has a bachelor’s degree in Finance and a minor in Accounting from the University of Missouri-St. Louis and a master’s in Accounting from Maryville University.

 

The recent retirement of UPCO CFO Rick Stemler created an opportunity for KAI and UPCO leadership to implement its vision for shared accounting services sooner than expected.

 

“Our accounting team has done amazing work for KAI over the past six months. Under the leadership of Shawn and Amanda, we have performed a historic turnaround of our books, systems and team," said KAI and UPCO CEO Michael B. Kennedy.

 

Michael B. Kennedy

 "All these corrections and improvements have allowed our leadership team to make sound timely decisions. This is an exciting time in the evolution of our companies and a real opportunity to step up, focus on teamwork and technical excellence, and live the process.”

 

 “Our businesses at both The UP Companies and KAI have grown significantly and become infinitely more complex and geographically diverse in recent years," said UPCO President Brian Arnold.

 

 "It was time to take the next step towards realizing our goals for shared support services and address the complexities and new challenges that both growing companies face today,”.

 

Contact: 

 Jennifer Beidle

314-607-9459

jennifer@jbeidlepr.com

 

www.kai-db.com.

 www.theupcompanies.com or

 call 314-865-3888.

 

Veteran CRE Pro Jared Rothgeb Joins GreenRock as Underwriting Director

 

Jared Rothgeb

 Chicago, IL – Veteran commercial real estate professional Jared Rothgeb recently joined GreenRock Capital LLC (GreenRock) as its director of underwriting. 

Rothgeb has more than 15 years of experience underwriting real estate acquisitions and debt financing across all real estate asset classes.

  Prior to joining GreenRock, he managed the central region multifamily underwriting team for Freddie Mac’s small balance loan program.  

 

“We are very fortunate to have such an experienced industry professional as Jared join the GreenRock team,” said Chris Robbins, managing principal of GreenRock.

 Chris Robbins

“He has a wide breadth of knowledge across all asset classes and significant experience working with institutional owners.”

 

Rothgeb also has previous experience in acquisitions for Ventas, a publicly traded healthcare REIT.

 

 His earlier experience included 10 years at LaSalle Bank and Bank of America underwriting construction and bridge loans for institutional real estate investors.

 

 Rothgeb graduated from Michigan State University with a B.A. in finance and an MBA from the University of Chicago Booth School of Business. 

 

 Contact: 

 David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”