Sunday, May 21, 2023

Levin Johnston closes four multifamily transactions in March as San Jose, CA market shows resilience

 

Adam Levin

San Jose, CA  Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, announces that it closed four multifamily transactions totaling $7.215 million during March 2023 and reiterates the strength of the San Jose market for multifamily investors. 

Quite contrary to the doom and gloom one might hear from the news, the San Jose market for multifamily investments is active,” says Adam Levin, Executive Managing Director of Levin Johnston. 

“Thanks to our collaborative approach and expert understanding of the submarkets where we operate, our team closed four multifamily transactions in March, even as the banking crisis in the Bay Area unfolded.”


The closed transactions include:

·         2785 Almaden Road – a 5-unit multifamily asset sold for $2,250,000.

·         2742 Almaden Road – a 5-unit multifamily asset sold for $1,800,000.

·         784 Deland Avenue – a 6-unit multifamily asset sold for $1,590,000.

·         3158 Impala Drive – a 6-unit multifamily asset sold for $1,575,000.

Levin Johnston completed the transactions on behalf of their private investor clients.

"Based on our experience in March we see lenders are open to providing loans, if they are for the right transactions, comments Robert Johnston, Senior Managing Director of Levin Johnston.

Robert Johnston

“Our strong banking and investor relationships, as well as our local market knowledge, provides our team with the ability to adapt quickly to the changing market and make strategic connections to ensure transaction success,” says Johnston.

“Despite recent market uncertainty, there is capital available for multifamily borrowers in resilient markets like San Jose.”

Contacts: 

 

Hanna Kokuashvili / Kiera Moran

The Smart Agency, Inc.

(949) 438-6262

hkokuashvili@thesmartagency.com

www.levinjohnston.com

 

JLL Capital Markets arranges $76 million financing for St. Regis, the first five-star hotel built in Chicago in over a decade

The 101-story mixed-use St. Regis skyscraper
is
 
Chicago’s third tallest building and
the 10th tallest building in the country.
 

 CHICAGO, IL –  JLL Capital Markets announced that it arranged $76 million in acquisition financing for the St. Regis, a five-star, 192-key, luxury hotel in Chicago. 

 

JLL represented the borrowers, Gencom, GD Holdings and Magellan, to arrange the loan through the lender, Värde Partners.

Located in the heart of downtown Chicago at 401 E Wacker Drive, the 101-story mixed-use skyscraper is Chicago’s third tallest building and the tenth tallest building in the country.

Eric Tupler

Lauded as the most significant addition to the Chicago skyline in a generation, the project redefines luxury hospitality offerings in Chicago, coupling an extremely high standard of product and finishes with exquisite design and a unique location.

The St. Regis consists of 192 oversized guest rooms, including 33 suites on six floors and 80 floors of residential condominium space, all with views of the Chicago River, Lake Michigan, Navy Pier and Millennium Park. Building amenities include five food and beverage outlets, meeting and ballroom spaces and a spa with an indoor pool, outdoor sundeck and fitness center.

Positioned at the doorstep of the city’s top leisure and corporate demand generators, The St. Regis is just a short walk away from some of Chicago’s most revered landmarks including Millennium Park, Navy Pier, the Magnificent Mile, Maggie Daley Park and more.

Jeff Bucaro 

Transportation access via Lake Shore Drive, Chicago Transit Authority bus and train routes offers guests unmatched connectivity around the city.

The hotel has excellent proximity to two international gateway airports, O’Hare International and Midway Airport, both being less than 20 miles away.

Chicago’s Central Business District continues to illustrate positives signs of recovery after quarterly new absorption levels reaches its highest level since the first quarter of 2020.

Chicago boasts a thriving tourism industry, being one of the most visited cities in the U.S. with 60.8 million visitors in 2019. The city continues to have an impressible rebound in leisure demand and progresses towards full recovery.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Eric Tupler, Executive Vice President Jeff Bucaro and Analysts Mark DesLauriers and Jake Martin.

Mark DesLauriers

“The St. Regis is the first 5-star hotel property built in Chicago in over a decade. 

 Given the strong recovery of the Chicago luxury hotel market combined with the exceptional room quality, sizes, and amenities, we had several lenders vying for the financing” said Bucaro.

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

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

For more news, videos and research resources, please visit JLL’s newsroom.

                                  

About Gencom


Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. 


 

Contact: 

 

Alli Semans,

Public Relations, Associate

Phone: +1 330 329 6750

Email: Alli.Semans@jll.com

jll.com

 www.magellandevelopment.com.


JLL completes 75% interest sale for the sellers of the Mandarin Oriental, New York hotel to Reliance Industries from India

 

Gilda Perez-Alvarado


  
NEW YORK, NY – JLL Hotels & Hospitality announced the sale of a 75% interest in the Mandarin Oriental, New York, to affiliates of India-based Reliance Industries Ltd. has been completed.


 The 244-room hotel occupies floors 35 through 54 
of the renowned 
Deutsche Bank Center 
at Columbus Circle, New York, NY

JLL represented the sellers in the sale of their ownership stake. The price was not disclosed.

 

The 244-room Mandarin Oriental, New York, opened in 2003, and is positioned as one of the most iconic, luxury hotels in New York City.

 

 The property occupies floors 35 through 54 of the renowned Deutsche Bank Center at Columbus Circle, and features the MO Lounge, over 9,000 square-feet of meeting space, one of three Forbes Five-Star spas in Manhattan, and a state-of-the-art fitness center with an indoor 75-foot lap pool.

The JLL Hotels & Hospitality team representing the sellers was led by Gilda Perez-Alvarado, Global CEO, Jeffrey Davis, Senior Managing Director and Head of US Investment Sales, and Stephany Chen, Executive Vice President.

Jeffrey S. Davis
“We are seeing a rise in luxury hotel transaction volume as investors gravitate towards must-have, irreplaceable trophy assets, with New York leading the way in terms of cross-border investments into the US”, said Perez-Alvarado.

“Globally, luxury hotel transaction volume surpassed $10 billion in both 2021 and 2022 for the first time since 2015, underpinned by record-high pricing and attractive yields.”

“New York led all urban markets in Q1 2023 luxury transaction volume underpinned by strong fundamental performance,” added Davis.

 

“Additionally, New York luxury RevPAR reached its highest Q1 level in the market’s history as the market continues to exceed prior ADR thresholds.”

 

 Stephany Chen

According to JLL’s Global Luxury Research report, traveler demand for luxury hotels will continue to remain elevated throughout 2023 and beyond, which will correlate with investor demand and luxury hotel rates.

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide.

 

The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

 

Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

For more news, videos and research resources, please visit JLL’s newsroom.

CONTACT:

 

Alli Semans

PR, Hotels & Hospitality,

 Capital Markets

JLL
M +1 330 329 6750

jll.com