JLL Capital Markets brokers sale of the vacant 26-acre, former Sears and fully occupied pad sites at 195 North Broadway in Hicksville, NY

195 North Broadway, a 26.4-acre, development
opportunity located in the densely populated
 hamlet of Hicksville in the Town of Oyster Bay,
Nassau County, NY 

  

MORRISTOWN, NJ – JLL Capital Markets has closed the sale of 195 North Broadway, a 26.4-acre, development opportunity located in the densely populated hamlet of Hicksville in the Town of Oyster Bay, Nassau County, New York. The price was not disclosed.

Jose Cruz

JLL worked on behalf of the seller and Steel Equities acquired the asset.

 

The JLL Capital Markets team was led by Jose Cruz, J.B. Bruno, Ryan Robertson, Kevin O’Hearn, Andrew Scandalios and Joseph Lembo.

 

“The infill location of 195 North Broadway combined with the ability to acquire a site this size attracted multiple bidders that wanted to acquire the former Sears and led to very strong pricing,” stated Cruz.

J.B. Bruno

The property consists of two pad sites situated on 3.1 acres, as well as the approximately 23.3 acres of developable land.

 The existing retail tenants include the triple-net-leased Chipotle and TD Bank, which draw roughly 425,000 visits per year.

The remaining developable land is zoned General Business (GB), which allows for most retail, medical and office uses.

 

Ryan Robertson

195 North Broadway is ideally positioned directly across the street from Broadway Commons, a 1.2 million-square-foot destination shopping center.

 

It sits less than one mile from the Long Island Expressway, Northern State Parkway and the Hicksville Train Station and features significant frontage on North Broadway (NY State RT 106), which has an average daily traffic count of over 30,000 vehicles.

 

 Kevin O’Hearn

Within a five-mile radius of the site is an affluent and dense population of 290,767 with an average household income of $166,292.

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.

Andrew Scandalios

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

 For more news, videos and research resources on JLL, please visit our newsroom.

 

 

CONTACT:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com    

jll.com.

JLL Capital Markets arranges joint-venture equity, mezzanine financing and senior financing for the 57-unit / 260-bed USC Expo student housing development in Los Angeles, CA

  

 Teddy Leatherman

IRVINE, CA – JLL Capital Markets announced has arranged the capitalization of USC Expo, a 57-unit / 260-bed USC student housing development located less than a half-block from the campus of the University of Southern California (USC) in Los Angeles. Financial details were not disclosed.

USC Expo, a 57-unit / 260-bed USC student
housing project near the  University
of Southern California campus (USC)
 in Los Angeles, CA

JLL worked on behalf of the sponsor, Mosaic Investment Partners, to secure both joint venture equity and mezzanine financing from HC2 Capital, and a senior construction facility from Calmwater Capital.

 

With completion expected in Spring of 2025, the seven-story USC Expo will feature fully furnished studio, one-, two-, three- and four-bedroom apartments with an average size of 923 square feet, as well as stainless steel appliances, HVAC with individual room controls, balconies and more.

 

The property will provide approximately 10,000 square feet of amenity space, including a rooftop pool area and lounge, a second-floor amenity deck, a fitness center, a computer room, a dog park and more.

 Greg Brown

Situated near the northwest corner of Vermont Ave. and Exposition Blvd., the project features a central location that offers students direct access to campus, Expo Park, the LA Coliseum and the Vermont Exposition Metro station. 

“We are very excited to have secured the complete capital stack solution for Mosaic Investment Partners for what will undoubtedly be a transformative student housing development on USC’s westside of campus," said Sweet.

 

 "In a highly selective and constrained capital environment, both HC2 Capital and Calmwater Capital recognized the exceptional opportunity of USC Expo, the student market expertise of Mosaic and the continued strong performance of the student housing sector – particularly at a top-tier university such as USC.”.

 

“USC Expo is truly representative of the combined capabilities of JLL’s platform. Our local market team worked closely with our national student housing team to deliver confidence to the capital markets and resulted in a best-in-class execution for Mosaic.”

 

Zane Sweet

“We continue to see investor interest for well-located and amenity-rich student housing assets across the U.S.,” said Managing Director Teddy Leatherman, who serves as a national student housing platform lead with JLL Capital Markets.

 

 “As a USC alumna,

 it was an honor and a privilege to see the JLL team capitalize USC Expo Development for Mosaic Partners! Fight On!”   

The JLL Capital Markets

 Debt Advisory Team was led by Senior Managing Director Greg Brown and Senior Director Zane Sweet.

 

 

CONTACT:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com    

iBorrow closes $9.2 million loan to refinance a portfolio of three properties in the Los Angeles, CA area

Brian Good

  

 Los Angeles, CA – iBorrow, a nationwide private direct lender for commercial real estate, today announced the closing of a $9.2 million loan to refinance a portfolio of three properties in the Los Angeles area, including a mid-construction 14-unit multifamily property, a 9,300 square foot retail center and a 141,166 square foot lot of land that has been zoned for residential use.

 

 The transaction will enable the borrower to complete construction on the multifamily property, which is expected to occur within a two- to three-month timeframe.

 “While construction on the multifamily project is substantially complete, the borrower in this transaction needed additional time and funding to realize their full vision for the project,” says Brian Good, CEO of iBorrow. 

 “With our focus on rapid due diligence and underwriting, along with the creativity we bring in offering carefully tailored financing solutions, the iBorrow team was able to move quickly to provide a refinancing package that met the borrower’s needs for this portfolio of properties.”

The multifamily property is located in the Toluca Lake neighborhood of North Hollywood, in an area with a submarket-level vacancy rate of 4.6% for multifamily properties, according to CoStar.

 The strip retail center, located in Los Angeles, is 100% occupied and features attractive regional freeway access. The lot of land sits on a hillside in a residential neighborhood in Glendale, with a primary expected use as a single-family residence.

 

“This transaction demonstrates again how important it is in the current financing environment to work with a lender that can offer flexible, fine-tuned solutions, rather than off-the-shelf or ‘one-size-fits-all’ approaches that don’t account for the full range of complexity that borrowers encounter,” says Good.

 “In this case, we expect the multifamily project to be completed in a relatively short timeframe, so we structured the loan with very flexible prepayment provisions to enable the borrower to refinance with permanent debt as soon as that option becomes available to them.”

 CONTACT:

 Chris Clemens

The Smart Agency, Inc.

(949) 520-6714
cclemens@thesmartagency.com

JLL Capital Markets arranges $47 million in financing for Amaranth at North Brunswick adult apartment community in North Brunswick, NJ

                   Amaranth at North Brunswick,

                  a 222-unit, luxury, 55+ active adult

                  community in North Brunswick, NJ

 

MORRISTOWN, NJ –  JLL Capital Markets has arranged $47 million in financing for the recently constructed Amaranth at North Brunswick, a 222-unit, luxury, 55+ active adult community in North Brunswick, New Jersey.

 JLL represented the borrower, The Kaplan Companies, in securing the 7-year, fixed rate loan from Nuveen Real Estate. Proceeds were utilized to retire its existing construction loan.

Michael Klein

Amaranth at North Brunswick features low-maintenance living with one- and two-bedroom floorplans with up to 1,397 square feet of living space.

Residents have access to onsite amenities such as a versatile clubhouse with a state-of-the-art fitness center, yoga room, package room, multipurpose room, dog spa and demonstration kitchen.

The property also features a heated swimming pool with barbeque area and fire pits, as well as a dog park, putting green, shuffleboard and bocce.

Matthew Pizzolato

Amaranth at North Brunswick is located at 2775 U.S. Route 130, in North Brunswick, which is a growing community with almost 40,000 residents spanning 12.3 square miles.

 The Property is directly proximate to Route 130, Route 1, and the NJ Turnpike, giving residents easy access to local restaurants and shopping destinations.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Michael Klein, Managing Director Matthew Pizzolato and Associate Michael Meisner.

Michael Meisner

“Nuveen quickly recognized the quality product that The Kaplan Companies had developed, the leasing velocity that this amenity-laden property had demonstrated throughout lease-up, and the sense of community that the borrower and its on-site management team created here and at its other properties throughout the region and provided a strong quote that best met Kaplan’s needs,” said Klein.

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

 

CONTACT:

 

Alli Semans

Public Relations, Associate

Phone: +1 330 329 6750

Email: Alli.Semans@jll.com

  

jll.com. 

ThinkKaplan.com.