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Landmark South, a 631-unit, mid-rise
multi-housing community in Doral, FL
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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.
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| Jesse Wright |
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.
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| Brian Gaswirth |
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.
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| 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.
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| Maurice Habif |
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.
"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.”
Hen Shoval
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.
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| Jared Frydman |
“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.
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| Ted Taylor |
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
