Saturday, September 5, 2020

Mark Stern joins JLL Capital Markets Midwest multi-housing team



Mark Stern 
CHICAGO, IL – JLL Capital Markets announced Mark Stern has joined the firm as a Managing Director in its Chicago office.

 Mr. Stern will be an integral part of the growing Midwest multi-housing team where he will focus on investment advisory transactions across the entire Midwest region.

Mr. Stern has more than 20 years of commercial real estate industry experience and joins JLL from a private investment advisory firm where he led the real estate acquisitions team.

Prior to that, he led several teams at Waterton, a leading real estate investing and property management company, where he most recently served as the Senior Vice President of Acquisitions.

He has extensive experience sourcing acquisitions for these firms and has been personally involved in securing more than $2 billion of acquisitions throughout his career.

Matthew Lawton
He is an active member of the Urban Land Institute’s Multifamily Green Council and serves as the Membership Chair. 

Mr. Stern received his bachelors’ degree in Political Economy at The Colorado College.

“We are excited to welcome Mark to our Midwest multi-housing team,” Matthew Lawton, Executive Managing Director, JLL Capital Markets noted. 

“He brings a deep knowledge base to our existing team and will be a critical component to the continued growth of our already dominant market share.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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

 CONTACT:

  Kristen Murphy
JLL Senior Manager
 Public Relations
Phone: +1 617 848 1572

Friday, September 4, 2020

CA Expands Medical Office and Life Sciences Division in Chicago, IL With Addition of Two Industry Leaders


Russell Brenner

CHICAGO, IL — CA, a Chicago-based real estate investment management company, announced the expansion of its medical office and life sciences division with the appointment of two industry leaders.

Jimmy Hwang has joined the firm as executive vice president of investments, while Jesse Ostrow will serve as senior vice president of investments.

“Since launching our medical office and life sciences division earlier this year, CA has maintained a bullish approach to acquiring, developing and operating best-in-class healthcare, lab and research facilities in markets across the U.S.,” said Russell Brenner, president of the division.

Jimmy Hwang 
“The COVID-19 pandemic highlighted the dearth of quality medical and life sciences real estate nationally, which only strengthened our commitment to these burgeoning sectors.

"Through strategic hires like Jimmy and Jesse, CA is positioned to quickly scale its portfolio by leveraging longstanding relationships with capital partners, expanding the platform’s deal sourcing network and creating further synergies with our existing verticals.

"My team and I have been focused on the medical sector for over a decade and have watched it transform from a niche vertical with less than $10 billion in annual transaction volume to its status today as a highly desirable and growing asset class.”

As executive vice president of investments, Hwang is responsible for investment management activities across the medical office and life sciences division, as well as CA’s industrial and residential verticals. Prior to joining the company, Hwang served as a director in the equity advisory team at Jones Lang LaSalle.

Jesse Ostrow
Before JLL, Hwang was a vice president at Evercore Partners in the real estate private capital advisory group. 

Hwang holds a Bachelor of Science in finance from the University of Southern California’s Marshall School of Business and MBA from Harvard Business School.

Ostrow, the newly appointed senior vice president of CA’s medical office and life sciences division, is responsible for defining and implementing the vertical’s investment activities and overseeing acquisition, financing and sale transactions.

Before coming to CA, he was chief investment officer at MedProperties Group, a medical real estate investment, development and operating platform.

A graduate of the University of Michigan’s Stephen M. Ross School of Business, where he earned a bachelor's degree in business administration with high distinction, Ostrow also holds an MBA from the University of Chicago’s Booth School of Business. 

CA launched its medical office and life sciences division in early 2020 and is targeting $500 million of investments per year through development and value-add acquisitions across the U.S.

CONTACTS:

 Leslie Randolph, lrandolph@taylorjohnson.com, (312) 267-4526  
Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

                      


Hold-Thyssen’s Leasing Strong at Phillips Place in Southwest Orlando; Eight Leases Completed within last six Months



Darby Hold

ORLANDO, FL --- Hold-Thyssen, Inc. a full service commercial real estate services firm headquartered in Winter Park , closed on eight lease agreements within the last six months   including two recently with Everest Equity Group and Latitude Promotions at Phillips Place, 7575 Dr. Phillips Blvd. in southwest Orlando .

 Senior Director Darby Hold brokered the transactions on behalf of both Cincinnati-based Financial Way Realty, Inc., landlord for the upscale office center, and the tenants.  

Phillips Place, 7575 Dr. Phillips Boulevard, southwest Orlando , FL

Independent loan agency Everest Equity Group leased 1,077 square feet and Latitude Promotions, Inc. which specializes in public relations for the engineering and accounting industries leased 1,120 square feet.

 Since March, Hold also brokered leases to interior design experts American Concept Design for 1,641 square feet; Anthem Tax Services, LLC who expanded to lease a total of 5,576 square feet; American Liberty Mortgage, 800 square feet; About Face Ink,  350 square feet; Dr. David Hinton, DDS, 1,635 square feet and Pizarro Hair Restoration, 1,286 square feet.

 “The continuous leasing at Phillips Place , whether for three or five year-terms, has created traffic and stimulus for the businesses of existing tenants,” Hold said.

Hold-Thyssen, Inc. is the leasing and management representative for the 56,000 square foot Phillips Place office building, which is 95 percent leased.

 CONTACTS:

Anthony Fisher, Vice President, Hold-Thyssen Real Estate Services, 407-691-0505, afisher@HoldThyssen.com

 Robert P. Hold, Principal, Hold-Thyssen, Inc.
407-691-0505, bhold@HoldThyssen.com

 Beth Payan, Larry Vershel Communications Inc.
407-644-4142 Lvershelco@aol.com.

Thursday, September 3, 2020

Ameriprise Financial to Relocate to Downtown Sarasota’s City Center


Kristin Kenney
SARASOTA, FL – Feldman Equities announced Ameriprise Financial, Inc. (NYSE: AMP) has signed a lease for over 6,200 square feet in downtown Sarasota’s City Center. 

The financial services company will relocate its office at 240 S. Pineapple Avenue to City Center at 1819 Main Street in early 2021. The long-term lease affirms Ameriprise’s commitment to its clients in downtown Sarasota.

Ceci Tricoli
The deal comes on the heels of the previously announced multimillion-dollar renovation to City Center.

 “The renovation plan is already impacting the building’s leasing,” said Baharea Larsen, Feldman Equities Executive Vice President for Leasing and Marketing.

Baharea Larsen
“Despite Covid-19, we are seeing interest from quality conscious firms for whom high-end finishes and amenities are a must. These tenants are making a long-term investment in their businesses and know they need to plan for a return to normalcy.”

                             Melissa Harris
Ameriprise will occupy the building’s 10th floor which features expansive views of the waterfront and downtown skyline. 

Kristin Kenney of Cushman and Wakefield represented Ameriprise and Larsen, Ceci Tricoli, Melissa Harris, and Steve Horn brokered the deal on behalf of the landlord.

Jeremy St. Croix, AAMS®, APMA®, CRPC®, Ameriprise Branch Manager said, “Ameriprise has really grown over the last decade in Sarasota and Central Florida.

Steve Horn
"Top advisors from across the industry are joining us to leverage our deep expertise in helping advisors grow organically and inorganically through practice acquisitions.

"Advisors are excited about the new, high-quality office space in Sarasota City Center that will help them deliver a superior client experience and give them ample opportunity for growth.” 

Jeremy St. Croix
Ameriprise is a publicly traded financial advisory firm headquartered in Minneapolis with over $970 billion in assets under management.

Founded in 1894, the storied company provides financial advice through wealth management, asset management, insurance capabilities and estate planning.

The most dramatic changes at City Center will be the complete renovation of the building’s lobby and entrance.

 City Center, Sarasota, FL
The announcement follows over 15,000 square feet of leasing at City Center since a joint venture of Feldman Equities, Tower Realty Partners, and Equity Street acquired the building in March 2020. The 248,000 square foot building was 80% occupied at the time of acquisition.

City Center boasts some of the best views in downtown Sarasota and still has a penthouse suite available said Larsen, “I’m not sure what has impressed prospects more – the views or the renovation plan.”

Contact:

Tammy Youngman 
TYOUNGMAN@assetmarketing

University City multi-housing project in Charlotte, NC moves forward with construction


Jane Wu
(photo courtesy Connect Commercial Real Estate)

 CHARLOTTE, NC – JLL Capital Markets announced it has arranged $44.5 million in financing for the development of Lumeo, a 314-unit, transit-oriented, multifamily project in the University submarket of Charlotte, North Carolina.

JLL worked on behalf of the developer, Panorama Holdings, LLC, to secure the construction loan through Broadshore Capital Partners.

“We’re committed to provide high-quality products bettering the living of the residents in the University City community,” says Jane Wu, president of Panorama Holdings. 

“Lumeo is strategically located at the center of University City Entertainment District, within walking distance to Topgolf, LYNX Station and Belgate Shopping Center. 

"We have confidence in Lumeo that its fascinating location and carefully designed luxury amenities will suit the dynamic and urban lifestyle here.”

Lumeo, a planned 314-unit, transit-oriented, multifamily project in                        the University submarket of Charlotte, NC

The JLL debt placement team leading the financing efforts included Senior Managing Director Hal Kempson and Director Taylor Allison.

JLL’s Project & Development Services group has been engaged to handle development and construction management for the property.



Hal Kempson
“Prior to the light rail’s delivery, the University submarket of Charlotte had been slow to develop,” said Kempson. 

“Now that the light rail is built out, we anticipate tremendous rent growth, similar to what we witnessed in the South End neighborhood.

 "Communities such as Lumeo are poised to benefit from this trend and will enjoy long-term stability, especially given the University market’s connectivity to UNC Charlotte and the recent inbound migration we’ve seen to secondary markets such as Charlotte due to the current pandemic.”

The first units at Lumeo are scheduled to be delivered in December 2020 and the entire project will be completed in 2021. 

The project comprises five garden-style buildings on a 10-acre parcel immediately adjacent to the University City Boulevard LYNX station and just one-half mile from Tom Hunter station. 

The community is centrally located in an amenity-rich area between UNC Charlotte and Uptown, deriving demand from both the student and professional population. 
Taylor Allison

With various one bedroom, two-bedroom and three-bedroom options, Lumeo features both outdoor community living and indoor relaxation space. 

Residents will enjoy the large upscale clubhouse, a resort-style saltwater pool with sun deck, and courtyards with gas grills, bar and fire pit.

 A full fitness center with a yoga room couples with a walking trail throughout the community that will be a perfect fit for an active lifestyle.

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

Contact:

Kristen Murphy
 JLL Senior Manager
 Public Relations
Phone: +1 617 848 1572

Freddie Mac provides loan to refinance top-performing Houston community


Hanover Southampton, 5122 Morningside Drive,
 West University neighborhood. Houston, TX

 HOUSTON, TX – JLL Capital Markets announced it has arranged financing for Hanover Southampton, a 206-unit multi-housing community in Houston’s affluent West University neighborhood.

 JLL worked on behalf of the developer, Hanover Company and State Farm, to secure the seven-year, fixed-rate loan through the Freddie Mac CME Program. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Cortney Cole

 Completed in 2015, Hanover Southampton is located at 5122 Morningside Drive within walking distance to Houston’s most historic mixed-use urban development, Rice Village, which boasts over 300 retailers and dining establishments.

Additionally, the property is proximate to Houston’s largest employment centers including Texas Medical Center, Greenway Plaza, Galleria and Downtown.
The 95-percent-leased community offers 12 floors of living with units averaging 1,435 square feet each. 

 Dustin Selzer

Community amenities include a 10,000-square-foot rooftop resident amenity lounge, rooftop pool, 24-hour concierge, Technogym fitness club, outdoor grilling stations, private theatre, executive conference room, bike storage, valet dry cleaning services and pet-washing station.

 The JLL debt placement team representing the borrower was led by Managing Director Cortney Cole and Director Dustin Selzer.

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

Kristen Murphy
 JLL Senior Manager
 Public Relations
Phone: +1 617 848 1572


Sunday, August 30, 2020

JLL brokers $34 million loan for 920 Belmont Avenue development in North Haledon, NJ


JLL arranged construction financing for the development of a multi-housing property at 920 Belmont Avenue in North Haledon, NJ

MORRISTOWN, NJ – JLL Capital Markets announcedthe arrangement of a $34 million construction loan for the development of a multi-housing property at 920 Belmont Ave. in North Haledon, New Jersey.

Jon Mikula
JLL worked on behalf of the borrowers, Tulfra Real Estate and The Hampshire Companies, to secure the loan through Investors Bank. The development is expected to be completed in 2021.

The 180-unit, affordable luxury apartments will contain modern amenities including a fitness center, lounge area, coworking space, pet wash center, bike storage, outdoor pool and patio area with grilling stations and a fire pit.

The development is also conveniently located near northern and central New Jersey and New York City’s most prominent employment centers. 

Ideally situated for those wanting easy access to urban life, the property is within a five-mile radius of three train stations: Glen Rock Borough Hall, Hawthorne Station and Paterson Station with access to Hoboken, Jersey City and Manhattan.

 Nearby highways include New Jersey Route208, I-80, I-287 and The Garden State Parkway. Additionally, 920 Belmont Avenue is just 0.3 miles from William Paterson University and residents will benefit from a variety of shops, restaurants and entertainment that support the university. 

Michael Klein
The property is also located in the burgeoning Passaic County submarket, where multi-housing properties make up roughly 29.3% of the local market inventory with a total of 6,278 units across 112 properties.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein.

“We are pleased to have been able to close this transaction on behalf of Tulfra Real Estate and The Hampshire Companies despite the difficult market conditions we are working in,” stated Klein. “The bank really stepped up and was able to provide a structure that met the unique nuances of this project.”


“This project has been years in the making and will finally come to fruition due to the persistent efforts of the borrower,” continued Mikula. “Kudos to Investors Bank for helping us get to the finish line during COVID.”


 CONTACT:

Natalie Passarelli
Public Relations
Jones Lang LaSalle Americas, Inc.
200 E. Randolph St.
Chicago, IL 60601
M +1 224 477 7307



JLL brokers $13 million loan to develop high-end 39Tenn apartments and retail in Denver, CO neighborhood



 Leon McBroom 
DENVER, CO – JLL Capital Markets announced it assisted in arranging a $12.99 million construction loan for 39Tenn Apartments, a 39-unit multi-housing and retail development located at 3870 Tennyson Street in the Berkeley neighborhood of Denver, Colorado. 

 JLL worked on the assignment on behalf of the borrower, Alpine Investments, to secure the construction loan with a Colorado-based bank.

JLL’s Capital Markets team representing the borrower was led by Senior Directors Leon McBroom and Brock Yaffe.

 The 39Tenn development will be a total of 36,278 square feet, consisting of 39 upscale units totaling 31,633 square feet sitting atop 4,645 square feet of retail space. The development is expected to be completed in late 2021.


Brock Yaffe
 Boasting a sophisticated, contemporary style, units will have high-end finishes, engineered hardwood flooring, quartz countertops, European-style solid-core cabinets with soft-close hardware, high-end appliances, energy-efficient LED lighting and efficient water-source heating and cooling systems in each unit.

 With a Walk Score® of 92, the development is located in one of Denver’s most sought-after neighborhoods.

The Tennyson Street corridor is a premiere entertainment district with various art galleries and retail options and has been recently acclaimed the “next hottest dining area,” due to its burgeoning restaurant scene.

 In addition to being an entertainment hotspot, the property is proximate to Denver’s largest employment centers, offering about 136,000 jobs, and positioned just five minutes from downtown.

The population within a one-mile radius of the property is 22,181, with a 1.76% estimated growth rate over the next five years.

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


 CONTACT:

Natalie Passarelli
Public Relations
Jones Lang LaSalle Americas, Inc.
200 E. Randolph St.
Chicago, IL 60601
M +1 224 477 7307