JLL Capital Markets secures $65.8 million of preferred equity from Pensam and arranges a $154 million Freddie Mac loan for the recapitalization of Landmark South in Doral, FL

                     Landmark South, a 631-unit, mid-rise 

                     multi-housing community in Doral, FL

 

 MIAMI, May 17, 2023 – JLL Capital Markets has arranged the recapitalization of Landmark South, a 631-unit, mid-rise multi-housing community in Doral, Florida.

Jesse Wright

JLL worked on behalf of the borrower, JSB Capital Group, to secure the five-year, $154.1 million senior loan through Freddie Mac Multifamily. 

The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.

 

JLL simultaneously arranged a $65.8 million preferred equity investment from Pensam.

 

Built across two phases in 2017 and 2021, Landmark South features units with terraces, courtyard views, stainless steel appliances, in-unit washers and dryers, European-style cabinetry, walk-in closets and an average size of 1,017 square feet.

Brian Gaswirth

Community amenities include grilling stations in outdoor courtyards, fitness centers and more.

 

The property is located at 6055 NW 105th Ct.

 

The JLL Capital Markets Advisory team was led by Senior Director Jesse Wright, Managing Director Brian Gaswirth, Managing Director Maurice Habif, Senior Director Simon Banke and Senior Director Ted Taylor.

Simon Banke

According to Wright and Gaswirth, “The borrower was able to take advantage of a highly competitive preferred equity market alongside strong senior financing from Freddie Mac to significantly lower its cost of capital on this trophy asset.

Maurice Habif

"Pensam and Freddie Mac both delivered in the face of significant macro headwinds.”

 

Hen Shoval, Director of Investments at Pensam, stated, “We have been incredibly active in providing structured finance solutions to complete the capital stack on deals such as Landmark South.

 

"The current interest rate environment is leading to compressed senior loan proceeds, which in turn is creating funding gaps that can be addressed with Pensam’s preferred equity or mezzanine debt.

 

Hen Shoval

"Over the past few years, we have closed well over one hundred transactions of this kind and are therefore experienced to navigate through complex transactions in compressed timeframes.”

 

Pensam is a Miami-based multifamily real estate investment platform that has invested in $7.5 billion across its platform and in across 50,000 apartment units in 28 states.

 

The firm focuses on the multifamily sector by making direct equity investments and by delivering structured finance capital solutions, such as bridge loans, preferred equity and mezzanine debt to other sponsors.

Jared Frydman

 “Working closely with Pensam and JLL provided us unique visibility into the professionalism and smarts of these two organizations,” said Jared Frydman, JSB Senior Managing Director and Head of its Miami office.

 

“This was not a transaction short on complexity or volatility.  We raise our hands in tribute to Pensam and JLL for closing this deal so quickly and forthrightly. 

 

"Landmark South is a jewel in the constellation of Doral, and JSB looks forward to helping it shine even more brightly in the years ahead.”

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

Ted Taylor

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

 

 JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

 

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

 

Contact: 

 

Jenna Sharp,

JLL Associate,

 Public Relations

Phone: +1 214 394 3356

Email:  Jenna.Sharp@am.jll.com

 

JLL Capital Markets appoints Alex Sharrin to co-lead its net lease platform

Alex Sharrin

 MIAMI, FL, May 17, 2023 – JLL Capital Markets has appointed Senior Managing Director

Alex Sharrin to co-lead its national net lease platform, alongside Senior Managing Director Coler Yoakam.

 

Currently sitting in the Miami office, Sharrin has spent almost eight years with the firm. He joined JLL’s Corporate Capital Markets and Net Lease platform as an analyst in 2015 in Chicago and has been an integral part of the team’s success and growth over the years.

 Coler Yoakam

He has closed north of 500 transactions totaling over $4 billion in deal volume since being promoted to producer in 2018.

 

“Despite a turbulent capital markets environment thus far in 2023, institutional and private capital alike continue to flock towards net lease as a fixed income alternative with benefits the equity market cannot provide—mission-criticality, appreciation of land and depreciation of hard assets,” said Sharrin.

 

Contact: 

 

Jenna Sharp,

JLL Associate,

 Public Relations

Phone: +1 214 394 3356

Email:  Jenna.Sharp@am.jll.com

 

KAI Hires Jason Keung as Project Manager in Dallas-Fort Worth, TX Office

 

Jason Keung Dallas-Fort Worth, Texas, May 17, 2023 -- KAI is excited to announce the hiring of Jason Keung, AIA, NCARB, NCIDQ, as Project Manager at its Dallas-Fort Worth office.   With more than 15 years of industry experience, Keung has engaged in a diverse range of projects, clients, environments and challenges within the architectural and construction industries.  His area of expertise includes designing overall concepts, developing construction documents based on clients’ needs and coordinating with consultants in the development of the design.   “KAI is delighted to have Jason join our Design team in Dallas-Fort Worth. Jason is a result- and client-oriented architect with a proven track record of working collaboratively with team members to achieve goals,” said KAI Managing Partner Brad Simmons, FAIA.  “His industry experience across a diverse range of project types coupled with his design and construction background is exactly the mix of talent that continues to elevate the KAI resource toolbox.” Brad Simmons Prior to KAI, Keung's expertise included restaurant, retail and general construction. He worked as a Senior Project Manager for ENTOS Design and as a Project Manager for CallisonRTKL, both headquartered in Dallas; and LBL Architects in Arlington, Texas. His portfolio of projects includes restaurants: MOD Pizza, Pie Five, On The Border, Chilis, and Red Lobster; high-end custom homes; animal shelters; Caliber Collision; and Target.  Keung has a Bachelor of Science in Architecture from the University of Texas at Arlington.

CONTACT:

Jennifer Beidle
Jennifer Beidle Communications
St. Louis, MO 63129
www.kai-db.com.