JLL Capital Markets arranges $215 million construction financing for the 112-unit The Ritz-Carlton Residences, Estero Bay South Tower in Bonita Springs, FL

The Ritz-Carlton Residences, Estero Bay South Tower, 
 the first of a multi-phase condominium development
 located in Bonita Springs, FL.

MIAMI, FL – JLL Capital Markets has arranged $215 million in construction financing for The Ritz-Carlton Residences, Estero Bay South Tower, which is the first of a multi-phase condominium development located in Bonita Springs, Florida.

 

The property will be the first Ritz-Carlton Residences in Southwest Florida, where there is currently significant brand recognition from two Ritz-Carlton Resorts.

 

Brian Gaswirth

JLL represented the borrower, London Bay, to secure the loan through Bank OZK.

 The JLL Capital Markets Debt Advisory team was led by Managing Director Brian Gaswirth and Associates Jimmy Calvo and Paul Adams.

Designed by Arquitectonica with interiors by Meyer Davis, the South Tower will rise 22 stories and feature luxurious unit finishes, first class amenities and unmatched resident services consistent with The Ritz-Carlton brand.

 

Jimmy Calvo

The property will consist of two-, three- and four-bedroom residences, averaging 3,430 square feet and offering stunning views of Estero Bay and the Gulf of Mexico. 

 The property offers approximately 36,000-square-feet of indoor amenities, including a Wellness Center with fitness, a yoga and Pilates studio, private training rooms and locker rooms with steam and sauna.

 

Paul Adams

Adding to the experience, a centrally located, 8,000-square-foot space will present a Sunset Lounge, private dining room, Sports & News Café, Wine & Whiskey Room, card room and demonstration and catering kitchen.

 

Outdoor amenities span five acres of outdoor gardens and amenities, including three pools and a separate lagoon with over-water pavilions.

 

The Ritz Carlton Residences, Estero Bay is the first residential component to be developed within London Bay’s Saltleaf on Estero Bay (“Saltleaf”), a re-imagined, master-planned residential and golf community connecting over 500 acres in Southwest Florida.

Stephen Wilson

In addition to the South Tower’s amenities, residents will benefit from a short walk leading to the 72-slip Saltleaf Marina, which broke ground last spring, and Saltleaf Golf Preserve, a re-imagined 18-hole championship course with a brand new nine-hole short course that opened for play in November 2023.

 

“As we commence construction of our coastal village of Saltleaf, we thank JLL for their expertise and professionalism and for their role in securing the financing for the first tower, the Ritz-Carlton Residences, Estero Bay” said Stephen Wilson, Executive Vice President and CFO of London Bay.

 

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 

 

www.ozk.com. 

JLL Capital Markets arranges $30 million sale for the 146,000-square-foot complex along the Chicago Riverwalk

 

 Keely Polczynski

 CHICAGO, IL – JLL Capital Markets has completed the $30 million sale of The Retail and Parking at Marina City, a 146,000-square-foot retail, dining and entertainment complex with structured parking along the Chicago Riverwalk.

Michael Nieder

JLL represented the seller, Pebblebrook Hotel Trust, in the sale of the property to Sperry Equities.

The JLL Investment Sales and Advisory team representing the seller was led by Michael Nieder, Keely Polczynski and John Dettlaff.

John Dettlaff

Sperry Equities led the negotiations for the acquisition and will asset manage the Retail and Parking at Marina City on behalf of their investor, a foundation in which Rand Sperry is a trustee.

The Retail and Parking at Marina City is located at 333 N. Dearborn St. in the heart of Chicago’s River North neighborhood and directly on the Chicago Riverwalk.

Bertrand Goldberg

The property is close to many of the city’s demand drivers, including the Magnificent Mile shopping corridor, Millennium Park, Navy Pier, Museum Campus, and Soldier Field.

Designed in 1958 by architect Bertrand Goldberg, The Retail and Parking at Marina City was designed as a “city within a city” and has been a popular destination for locals and tourists.

 It sits at the base of two condominium buildings, with the 450-space parking garage occupying the first 19 floors of each tower. Prominent retail tenants include Smith & Wollensky, Legal Sea Foods, Yolk, Spin, 10Pin, Tortoise Supper Club and Jefferson Beach Yacht Sales.

According to JLL’s Q3 2023 Retail Outlook, retail continues to be a highly attractive asset class with strong underlying fundamentals. Retail real estate is experiencing a significant shortage of available space, with the availability rate below historical averages, which should bode well for pricing and rents going forward. 

Marina City, a 146,000-square-foot retail, dining
 and entertainment complex with structured 
parking along the Chicago Riverwalk.

“The Retail and Parking at Marina City is an iconic destination on Chicago’s Riverwalk and one of the premier dining and entertainment assets in the city of Chicago,” Nieder said.

 “The offering was highly sought after by various capital sources and offers upside through vacant lease-up while benefitting from significant on-site demand drivers including Hotel Chicago, The House of Blues and the Marina City Condominium Association.”

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 Capital Markets handles the refinance of The Jones, a 224-unit, garden-style apartment community located in Arlington, TX

  

Kristi Leonard

DALLAS, TX – JLL Capital has arranged the refinance of The Jones, a 224-unit, garden-style apartment community located within the DFW metro in Arlington, Texas. Financial terms were not disclosed.

 

JLL represented the borrower, WindMass Capital, to secure a floating-rate loan through Benefit Steet Partners. Notably, this refinance marks the beginning of a new relationship between both parties.

The JLL Capital Markets Debt Advisory team was led by Managing Director Kris Lowe and Director Kristi Leonard.

Kris Lowe

Considering WindMass’ growth and investment strategy coupled with the wide array of products offered by Benefit Street Partners, the relationship is expected to be rewarding in the coming years.

 

Built in 1977, the two-story apartment community features studio, one-, two- and three-bedroom units with balconies/patios, spacious walk-in closets, central air and heating, dishwashers, refrigerators and washer and dryer connections.

The Jones, a 224-unit, garden-style apartment
 community located within the DFW metro
 in Arlington, TX

Situated at 2109 Lincoln Dr., The Jones offers residents excellent access to the area’s major thoroughfares, Highway 360 and Interstate 30, and is a 25-minute commute to downtown Fort Worth and downtown Dallas.

 

 Proximate neighborhood amenities of the property include AT&T Stadium, Texas Live!, Globe Life Field, Texas Rangers Golf Club, Lake Viridian and numerous shopping and dining options.

 

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 Capital Markets brokers sale of the 13,877-square-foot Garden Oaks Shopping Center in Houston,TX

  

Meredith Cullen

HOUSTON, TX –  JLL Capital Markets represented the seller, Fifth Corner, and Meredith Cullen and David Cook with Cushman and Wakefield represented the buyer, in the sale of Garden Oaks Shopping Center, a 13,877-square-foot retail strip center located at the northeast corner of Shepherd Road and 34^th Street in Houston, Texas. The price was not disclosed.

 

Originally developed in 1950 and extensively renovated, the fully leased property is occupied by Upside Pub, Pinks Pizza, Village Liquor, Community Vet and Molly’s Mutt House. The property features a strong tenant lineup, which provides essential goods and services to the fast growing nearby population.

 

 David Cook 

Situated at the intersection of N. Shepherd Road and 34^th Street, Garden Oaks Shopping Center is well positioned just north of Interstate-610, benefiting from its daily traffic counts of over 230,000 vehicles per day.

 

 The surrounding neighborhood, Garden Oaks/Oak Forest, includes high-end single-family housing, multi-housing developments and an ever-growing restaurant and entertainment scene. Within a five-mile radius is a population of 569,333 residents and an average household income of $110,800.

Ryan West

Conveniently located, Garden Oaks/Oak Forest provides excellent access to Houston’s major employment hubs with a 12-minute drive to Downtown, an 11-minute drive to the Uptown/Galleria area and a 16-minute drive to the Texas Medical Center.

 

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Ryan West, Senior Director John Indelli and Analyst Clay Andersen.

 

John Indelli 

“Garden Oaks Shopping Center is well-established, and assets of this quality and location rarely become available,” Indelli said. “While Garden Oaks Center was ultimately acquired by a local group, there is significant institutional capital forming that will chase unanchored strip-center retail assets.”

 

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.

 

Clay Andersen

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 

                                                                          

Native Realty Names Dan Ross Executive Director - Commercial

  

Dan Ross

FORT LAUDERDALE, FL –  – Native Realty is elevating Dan Ross, a valuable team member for the last half-decade, to Executive Director - Commercial. In this new role, Ross will serve as team leader for Native’s commercial agents and provide training, mentorship and any guidance the agents need to be successful.

 

Promoting Ross is a critical component of the organizational evolution of Jaime Sturgis-led Native, which continues to expand and diversify its service offerings.

 

“Dan Ross has made a substantial impact on Native and grown tremendously throughout his time with us,” Sturgis said. “This is a great opportunity to establish new leadership roles and put systems in place for a new team member onboarding, professional development and individualized goal setting. Doing it now allows us to be more scalable going forward.”

 

CONTACT:

 

Eric Kalis

Senior Vice President

ekalis@boardroompr.com

www.nativerealty.com.

C 305-794-5123

O 954-370-8999

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