JLL Capital Markets closes sale of the 440-unit Addison at Princeton Meadows apartments in Plainsboro, NJ

Elizabeth DeVesty

  

 MORRISTOWN, NJ – JLL Capital Markets has closed on the sale of Addison at Princeton Meadows, a 440-unit, garden-style multi-housing community located in Plainsboro, New Jersey.The price was not disclosed.

Jose Cruz

JLL worked on behalf of the seller, a joint venture between the real estate business within Goldman Sachs Asset Management and Kushner Real Estate Group.

 

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz, Steve Simonelli and Michael Oliver and Director Elizabeth DeVesty.

 

Built in 1979, Addison at Princeton Meadows consists of studio, one- and two-bedroom apartment homes across 28, two-story buildings.

 The majority of units have undergone recent renovations and include stainless steel appliances, updated backsplash and countertops, hard flooring, patios/balconies and in-unit washers and dryers. 

Steve Simonelli 

Community amenities include an outdoor swimming pool with fire pit, tennis and basketball courts, dog park, fitness center, children’s playground and a BBQ and picnic area. 

Additionally, the community is fully approved for the construction of a state-of-the-art clubhouse, which will house a new fitness center and lounge for residents.

 Located at 2821 Pheasant Hollow Dr., Addison at Princeton Meadows is in the Princeton submarket and is adjacent to an 18-hole golf course, The Meadows at Middlesex.

The property is situated just minutes from downtown Princeton’s shops, restaurants and top-tier schools, which includes the prestigious Princeton University.

Michael Oliver 

The community is less than three miles from the Route 1 corridor, one of the strongest commercial corridors in the state, and is also less than five miles from the Princeton Junction train station, providing access to New York Penn Station or Philadelphia in less than one hour.

 

CONTACT:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com    

 

 

$47 million financing arranged by JLL Capital Markets for newly built St. Louis apartment building

  

Mary Dooley

CHICAGO, IL, Aug. 7, 2023 – JLL Capital Markets has arranged a $47 million loan to refinance Marlowe, a newly built, 205-unit, Class A multi-housing community located in the Central West End neighborhood of St. Louis, Missouri.

Danny Kaufman

JLL worked on behalf of the borrower, Keeley Properties, to secure the four-year, fixed-rate loan through an Insurance Company. Sound Mark Partners provided preferred equity for the transaction.

 

Completed in 2022, Marlowe features studio, one- and two-bedroom units featuring modern kitchens with a center island, GE Energy-Star kitchen appliances and washers/dryers, quartz countertops, luxury plank flooring and high-performance solar window shades.

Rebecca Brielmaier

Marlowe is located at 4545 Laclede Ave. within Central West End, well-known for its quaint sidewalk cafes, high-end restaurants and numerous dining, shopping and entertainment options, all adjacent to the Barnes-Jewish Hospital/Washington University medical district.

 

Philip Galligan

The JLL Capital Markets Advisory team was led by Senior Managing Director Danny Kaufman, Directors Philip Galligan and Mary Dooley and Associate Rebecca Brielmaier.

CONTACT:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com    

 

 

San Antonio, TX welcomes new high-quality affordable housing with Vista at Silver Oaks

 

 Ron Nirenberg

SAN ANTONIO, TX – Opportunity Home San Antonio in partnership with an affiliate of Atlantic Pacific Companies (A|P), OCI Development, the City of San Antonio, PNC Bank, and Stellar Bank were joined by San Antonio leaders on Aug. 2, to celebrate the new construction of Vista at Silver Oaks, a new affordable housing community and a recipient of 2022 Affordable Housing Bond funds in North Central San Antonio.

 

“Vista at Silver Oaks is a tangible representation of housing affordability made possible by the affordable housing bond,” said City of San Antonio Mayor Ron Nirenberg. “It delivers on the promise of creating and expanding housing opportunity for all through partnership and determination.”

 

Rental prices will range from $593 to $1,370 for two- and three-bedroom units, and all are set aside for residents with qualified income up to 60% of the Area Median Income (AMI). A utility allowance will also be provided to all residents to help offset their utility expenses.

 

Eight of the units are deeply affordable for individuals or families who earn less than 30% AMI, which is an annual income of less than $23,750 for a household of three. 

An additional 22 units are reserved for households making 50% AMI, which is an annual income of less than $28,500 for a household of three.

Anita Fernández

"OCI Development is proud to be a part of our community's shared vision of creating more equitable access to high quality affordable housing. 

"Along with our partner, an affiliate of Atlantic Pacific Companies, we remain invested in community-focused and relationship-based development that will continue to positively transform San Antonio now and for years to come,” Anita Fernández, Partner & Co-Founder of OCI Development.

Veronica Garcia

"As we begin to see projects supported by the Affordable Housing Bond break ground, we are thankful for partnerships from organizations who are dedicated to increasing the affordable housing supply for San Antonio," said Veronica Garcia, Director of Neighborhood and Housing Services for the City of San Antonio. 

“Vista at Silver Oaks is a demonstration of a community that supports renters with more than just a home.”

 

The development is projected to be completed in Summer 2024 and will begin pre-leasing prior to completion.

CONTACTS:

 

Jessica Wade Pfeffer |jessica@jwipr.com | 305.804.8424

Margie Sernik | margie@jwipr.com | 786.200.2516

 

 

Jamie Molloy joins JLL’s Value and Risk Advisory platform

James “Jamie” Molloy

NEW YORK, Aug. 2, 2023 – JLL’s Value and Risk Advisory platform announced today that it has expanded its New York office team with the hiring of James “Jamie” Molloy as a Senior Director for institutional accounts. 

Molloy will work with Senior Managing Director Steven Schleider to expand the platform’s institutional and financial services/lender coverage in Manhattan and the greater Tri-state region.

Steven Schleider

 

Molloy joins JLL from SitusAMC where he was a Senior Director responsible for major institutional client management. 

During his tenure, he supported billions in asset value for various property types and markets. 

Prior to that role, he spent 28 years with Bankers Trust Company and Deutsche Bank.

 During the last 10 years of his tenure, he was Global Head of Real Estate Valuation, operating offices in Tokyo, Hong Kong, Mumbai, Frankfurt, London and New York.

 

“We know our clients are increasingly becoming institutional in scope and demanding a more robust value and risk assessment,” said Mike Ellis, Chief Executive Officer of JLL’s Value & Risk Advisory platform.

 

Michael (Mike) Ellis

“Jamie has an extensive background on the institutional side and can also provide global insights as the platform continues to grow.”

 

Molloy is a Member of the Appraisal Institute’s Metropolitan New York Chapter (MAI), is a Fellow with the Royal Institute of Chartered Surveyors (FRICS) and is a Designated Counselor of Real Estate (CRE). In addition, he’s a certified appraiser in New York and Maryland. 

Molloy graduated from Syracuse University with a B.S. in finance from the Martin J. Whitman School of Management.

CONTACT

 Kristen Murphy

Director, Public Relations, 

Americas 

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@jll.com

 

jll.com

Tangram Interiors Is Now a Certified Woman-Owned Business, Led by Chairman Sonya Mitrovich Lozowski

 

Sonya Mitrovich Lozowski

NEWPORT BEACH, CA –– Tangram Interiors, a curator of highly creative commercial interior environments headquartered in Southern Californiawith regional headquarters in Dallas, TX, is pleased to announce that it has

officially been certified as a Women’s Business Enterprise (WBE) by the National Women’s Business Enterprise Council.

This certification became possible when new Chairman Dr. Sonya Mitrovich Lozowski ascended into her leadership role.

 As of 2023, Mitrovich Lozowski oversees the organization’s performance and strategic initiatives. She also leads Tangram Interiors’s philanthropic efforts and community outreach programs. 

 CONTACT:                                                                             

Rachel Devany

949-443-9300

rachel@kcomm.com

Dimension Hospitality Names Greg Friedman CEO

 

Greg Friedman

FORT LAUDERDALE, FL -- Dimension Hospitality, a leading hotel management and development company, announced the appointment of Greg Friedman as CEO following the sudden death of company founder and philanthropist, Sam Friedman, on July 2. 

 Sam Friedman

Greg Friedman joined the company in 2000 as General Counsel and most recently served as company President.

 Greg and Sam focused on growing the company’s portfolio to its current 80 hotels through both hotel development and management contract acquisitions. 

 

 

 CONTACT:

  

Lauralee Dobbins

856-979-8929

 

Hotels Veteran Andrea Grigg to Lead Global Hotel Asset Management for CBRE

 

Andrea Grigg

Atlanta, GA – CBRE announced Andrea Grigg has joined CBRE Hotels as a Senior Managing Director and Global Head of Hotels Asset Management to develop and lead the firm’s global hotel asset management and operator selection practice.

 

Based in Atlanta, Ms. Grigg will focus on bringing cross-border hospitality solutions and ownership representation to global hotel investors.

 

 She will also oversee operator and brand selection, as well as management contract negotiation services, helping better serve hotel owners by sharing global best practices.

 Bill Grice

“Andrea is widely known and respected within the hotel industry as a best-in-class advisor that puts her clients first.

 

"Her dedicated and focused approach, paired with unparalleled experience position Andrea as the ideal leader of our growing hotel asset management practice,” said Bill Grice, President of CBRE Hotels in the Americas.

 

Grigg joins CBRE from JLL, where she spent the last 16 years as a leader in the firm’s hotel asset management practice.

 CONTACT:

 

Cole Mortland

+1 619 985 8171

cole.mortland@cbre.com

Sendero Capital and Angelo Gordon complete the acquisition of a mission-critical healthcare facility in Rhode Island

 

Mindy Berman

 BOSTON, MA – JLL Capital Markets has advised Sendero Capital and Angelo Gordon on the acquisition of 2 Wake Robin Road, a 30,000-square-foot medical office building in Providence, Rhode Island.

 Ross Negele

The transaction represents the second acquisition in Sendero Capital and Angelo Gordon’s programmatic joint venture, which allows for up to $300 million in investments in outpatient healthcare real estate.

 The joint venture is focused on value-add and core plus outpatient medical office and surgery center assets throughout the Northeastern United States – a region with high barriers to entry, strong growth and one of the largest concentrations of healthcare businesses in the U.S.

 

Constructed in 2006, 2 Wake Robin Road is a premier medical office building that is currently 96% leased to Lifespan Health System and clinical medical tenants offering a variety of services, including urgent care, primary care, imaging, pediatric care, physical therapy and pathology.

Brannan Knott

2 Wake Robin Road is conveniently located off Route 295 and Route 146 on George Washington Highway. 

The facility sits directly across the street from the Lincoln Mall, 0.25 miles from Route 146 and three miles from Bryant College.

 

The building is located less than an hour from Boston and two national airports, and it is strategically positioned between Landmark Medical Center (6.6 miles) and Miriam Hospital (10 miles).

Anthony Sardo

“We are very excited to enter the Rhode Island market with the acquisition of 2 Wake Robin Road, a strategically located medical facility offering an ecosystem of outpatient medical services,” said Ross Negele, Principal at Sendero Capital.

 

The JLL Capital Markets team was led by Managing Director Brannan Knott, Senior Managing Director Mindy Berman and Director Anthony Sardo.

 

 CONTACT:

 

 

Alli Semans

PR, Hotels & Hospitality,

 Capital Markets

JLL
M +1 330 329 6750