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| Melissa Marcolini Quinn |
ORLANDO, FL, Jan. 24, 2022– JLL’s Capital Markets group announced
today that it secured a $318.45 million acquisition loan for a six-property,
1,494-unit multi-housing portfolio located across Maryland, Virginia and
Alabama.
JLL represented the
borrower, Carter Multifamily, to secure the floating-rate, non-recourse
bridge loan through J.P. Morgan Chase Bank that will facilitate a Single Asset
Single Borrower (SASB) securitization, which is a single-loan large enough to
create its own pool for securitization.
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| Emily Moallem |
The multi-housing portfolio consists of:
·
Park at Kingsview Village, 13414 Daventry Way, Germantown,
Maryland
·
·
Stonecreek Club, 12840 Locbury Circle, Germantown, Maryland
·
Hunt Club leasing office, 404 Christopher Avenue, Gaithersburg, MD
·
·
Springwoods at Lake Ridge, 12395 Midsummer Ln., Woodbridge,
Virginia
·
Windsor Park. 3937 Penshurst Ln., Woodbridge,
Virginia
·
Oaks of St. Clair, 5050 Oaks of St. Clair Circle, Moody,
ALFeaturing garden-style construction with
competitive amenities, the overall portfolio benefits from the surging demand
for workforce housing.
Five of the properties are in the Washington,
D.C. suburbs, providing tenants access to the fast-growing job market in and
around the District.
The 326-unit Park at Kingsview Village, the
240-unit Stonecreek Club and the 336-unit Hunt Club are set in Germantown and
Gaithersburg, Maryland, respectively, which are northwestern suburbs along
Interstate 270.
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Cody Mizelle
|
The 220-unit Windsor Park and the 180-unit
Springwoods at Lake Ridge are both within Woodbridge, Virginia, a southern
suburb approximately 23 miles from downtown Washington, D.C.
Located
in the growing Birmingham, Alabama MSA, the 192-unit Oaks of St. Clair is
positioned in Moody, Alabama, approximately 20 miles east of downtown
Birmingham.
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Rob Rothaug
|
JLL’s Capital Markets Debt Advisory team that
represented the borrower was led by Senior
Managing Directors Melissa Marcolini Quinn and Lee Weaver,
Director Drew Jennewein, Vice President Rob Rothaug and Associates
Emily Moallem and Cody Mizelle.
“This portfolio acquisition
featured multiple sellers and a compressed timeframe, with less than 30 days
from signed term sheet to closing,” Quinn said.
“The team at JP Morgan was able
to provide an attractive, short-term, balance sheet financing option, which is
ideal for the planned SASB take out.”
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Drew Jennewein
|
“We were able to meet the
closing deadline through hard work and significant cooperation among our
teams,” Weaver added.
“The borrower team at Carter Multifamily has a track record of
adding value to multi-housing assets, and they were fantastic to work with on
this acquisition, which will be a terrific addition to their portfolio.”
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Lee Weaver
|
JLL’s Capital Markets group 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.
CONTACT:
Jenna Sharp
JLL Public Relations
Phone: +1 214 394 3356
Email: Jenna.Sharp@am.jll.com
carterfunds.com and cartermultifamily.com.
jll.com.
