JLL Capital Markets arranges $60 million construction takeout refinancing for The Kavista, a 282-unit multi-housing development in Miami, FL

 

Melissa Rose

 MIAMI, FL, Feb. 5, 2024 – JLL Capital Markets has arranged $60.9 million in construction takeout refinancing for The Kavista, a 282-unit, eight-story multi-housing development located in the El Portal neighborhood of Miami, Florida.

 The Kavista,  a 282-unit, eight-story multi-housing
 development located in the El Portal
 neighborhood of Miami, FL.

JLL represented the borrower, Barrington Brothers, to secure the two-year, floating rate loan with Värde Partners.

 

Upon completion in February 2024, The Kavista will be El Portal’s first Class A multi-housing development, featuring one-, two- and three-bedroom units, a resort-quality pool and deck, a co-working lounge, theater, fitness center and electric vehicle charging stations.

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Melissa Rose, Senior Director Michael DiCosimo and Analyst Maddy McMillen.

Michael DiCosimo 

“We are pleased to have worked with Melissa Rose and the JLL team to secure financing from Varde Partners for The Kavista. 

"We are looking forward to this next phase as we begin welcoming our new tenants in the coming weeks. 

"The Kavista embodies a perfect blend of comfort, convenience and community located in one of the best kept secrets in Miami, The Village of El Portal,” stated Kenneth Barrington with Barrington Brothers.

 

The property is located at 495 N.E. 83rd St. between Miami Shores and Little River in the Village of El Portal. Within a five-minute walk of the property includes grocers, health clubs and Biscayne Medical, and The Citadel, which features 15 restaurants, a rooftop bar and walkable retail frontage, is within close distance to the site.

Maddy McMillen

The development is also proximate to major thoroughfares, leveraging access to Biscayne Boulevard, SR-934 and I-95 to connect residents to over 60 million square feet of office and commercial space in the greater Miami area.

 

“We look forward to a long-term partnership with Barrington Brothers as they launch a well-amenitized property in the vibrant Miami market,” said Jim Dunbar, Head of Real Estate Lending at Värde.

Jim Dunbar

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 sales and advisory, debt advisory, equity advisory or a recapitalization. 

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.

 www.varde.com.

 barringtonbrothers.com. 

JLL Capital Markets represents EKN Development Group and Garn Development to secure $67 million financing for the 215-key Marriott Courtyard Residence Inn in Sand City, CA

  

 Marriott Courtyard Residence Inn,
a 215-key, duel-branded hotel
 in Sand City, CA

 NEW YORK, NY –  JLL Capital Markets has arranged a total of $67.1 million in construction financing for the development of the 215-key, duel-branded hotel, Marriott Courtyard Residence Inn in Sand City, California.

 

JLL represented the borrower, EKN Development Group and Garn Development, and secured the first mortgage loan of $39 million from HALL Structured Finance, and Nuveen Green Capital provided a CPACE loan of $28.1 million.

 

The 139,660-square-foot building will include 215 guest rooms. The Courtyard by Marriott includes 127 guestrooms and features the brand’s clean lines, combining beach style with a modern feel. The Residence Inn by Marriott includes 88 rooms designed for the longer-stay guest.

Ebbie Khan Nakhjavani

The development will feature 3,133 square feet of flexible meeting space, a spacious courtyard with a resort style pool, luxurious cabanas and a fully equipped stage to accommodate live performances and events. The hotel will also include an epicurean experience with an independently branded restaurant and bar.

 

The property is located along the scenic coast of Sand City, California. With its prime location, the property benefits from its proximity to Monterey State Beach and Cannery Row. 

As the only new select-service/extended-stay hotel in the area, it takes advantage of the steady demand generated by attractions such as the Monterey Bay Aquarium, Laguna Seca Raceway, world-class golf courses and stunning landscapes that attract visitors from all over the world.

 

“In this economic climate and inherent stricter loan requirements, the demand for innovative financing methods and sources are crucial to the success of all projects," said Ebbie Khan Nakhjavani of EKN Development. 

  

Cory Jubran 

"Working with the JLL team has always presented viable alternatives and we just closed our second deal with them in Sand City. JLL’s approach to creative financing was a game-changer for our project in Sand City, particularly in these difficult economic conditions.”

 

“We at Nuveen Green Capital are very much excited about the proposed project and have great confidence in its success. This transaction is another example of a growing list showing how C-PACE can be used to offer an accretive financing solution for owners and developers,” added Cory Jubran of Nuveen Green Capital.

 

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

 

CONTACT: 

 

Alli Stent

PR, Hotels & Hospitality, 

Capital Markets

Chicago | JLL
M +1 330 329 6750

The Keyes Company Welcomes Madeline Mordarski as Chief Marketing Officer

Madeline Mordarski

  Miami, FL, Feb. 5, 2024 – The Keyes Company made a significant addition to its leadership team with the arrival of

Madeline Mordarski as Chief Marketing Officer of the leading independent real estate brokerage.

Based in Miami, Mordarski will oversee the firm’s marketing efforts and work closely with Keyes executive leadership on strategic initiatives to support the firm in accomplishing ambitious growth plans.

Mordarski has an extensive background developing creative and scalable marketing strategies and leading cross-functional teams in the real estate industry. Prior to joining Keyes, she spent seven years in multiple key roles in marketing and operations at Compass, most recently as Senior Manager, Business Operations.

Christina Pappas

“Madeline’s vast experience executing large-scale marketing initiatives and strategy to drive growth was incredibly attractive to our executive leadership team,” Keyes President Christina Pappas said.

 “We have aggressive goals for the next decade when it comes to expanding our agent roster and market share throughout Florida. Our new exclusive partnership with Forbes Global Properties, coupled with Madeline’s expertise and leadership, will be critical in achieving those milestones.”

Earlier in her career, Mordarski founded a successful boutique consulting agency that specialized in branding, PR, partnerships, and digital media within the health, wellness and fitness industry.

Mordarski earned her BA in Strategic Communication from Ohio State University and her MBA from Regent’s University in London.

CONTACTS: 

 

Eric Kalis and Daniel Benjamin,

 BoardroomPR

ekalis@boardroompr.com or

dbenjamin@boardroompr.com

954-370-8999

 

 C 954-618-8287

 

JLL Capital Markets arranges sale of and the acquisition financing for the 258-unit Cosmopolitan Apartments located in the historic Lowertown neighborhood of St. Paul, MN

Cosmopolitan Apartments, eight-story, 258-unit, 
 multi-housing community located at
250 6th Street  East in the historic
Lowertown neighborhood
 of St. Paul, MN.

 

Will Tansey

 MINNEAPOLIS, MN – JLL has closed the sale of and the acquisition financing for The Cosmopolitan Apartments, an eight-story, 258-unit, distinguished multi-housing community located in the historic Lowertown neighborhood of St. Paul, Minnesota. The price was not disclosed.

 JLL worked on behalf of the seller, AEW Capital Management, and Bigos Management acquired the asset. JLL also worked on behalf of the new owner to secure the Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. 

 

Bigos Management was represented by Will Tansey of Felhaber Larson law firm.

Josh Talberg

Formerly the Finch, Van Slyck, and McConville Dry Goods Company building, The Cosmopolitan Apartments was originally a Neoclassical building from 1911, which was transformed into a vibrant apartment community in 1989.

 

Since then, the building has undergone $8 million in upgrades to blend its historic charm with modern living. The property features studio, one- and two-bedroom floorplans, averaging 805 square feet, and units include stainless steel appliances, 12-foot windows, 16-foot ceilings, oversized walk-in closets, in-unit laundry and quartz countertops.

Mox Gunderson

Community amenities include a fully equipped fitness center, a spin/yoga room, a high-speed internet lounge, a barbeque and picnic area, a fire pit, media room, clubhouse, courtyard, bocce court and more.

 

Situated at 250 6th St E., the property is walkable to numerous neighborhood amenities, including public transportation, the Mississippi River, XCEL Energy Center, Lowertown’s Farmer’s Market, Raspberry Island, Kellogg Mall Park, The Science Museum of Minnesota, Palace Theater and CHS Field.

 

The Cosmopolitan is also one of the few apartment buildings in all of St. Paul situated across from Mears Park.

Dan Linnell

The JLL Capital Markets Investment Sales and Advisory team was led by Managing Directors Josh Talberg, Mox Gunderson and Dan Linnell, Senior Director Adam Haydon and Director Devon Dvorak. Senior Managing Director Ken Dayton and Director Pat McMullen led the JLL Capital Markets Debt Advisory team.

 

"The Cosmopolitan is a highly regarded community that was well received in a competitive offering process," said Talberg. "We are honored to have played a part in the sale and debt financing for this generational asset.”

 

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

Adam Haydon

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 sales and advisory, debt advisory, equity advisory or a recapitalization.

 

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 

Sam Ziemba joins JLL’s Seattle Capital Markets team

Sam Ziemba

 

SEATTLE, WA –  JLL Capital Markets announced Sam Ziemba has joined the team as a Senior Director in its Seattle office. Ziemba will be partnering with Mark Katz, Senior Managing Director and a leader of JLL’s national office investment sales advisory business, to focus on institutional office sales in the Seattle area.  

 

“We are incredibly excited to be the only office investment sales advisory team in Seattle that combines a national office leader with a senior professional who has spent their entire professional life in the Seattle market,” says Katz.

 

 Mark Katz

“This unique approach will provide our clients with unparelled local, national and global office insights that will benefit the leading firms that call these important Seattle and Eastside markets home.” 

 

Ziemba has been with JLL since 2019 and was previously a Senior Vice President and head of JLL’s Eastside Office Agency practice. In this role, he had a particular focus on new construction but was also involved in the acquisition and disposition of more than $200 million of commercial property for investment and development.

 

 Ziemba has spent more than 19 years focused on real estate solutions for clients in the Puget Sound area, starting his career as a broker with Colliers International. He is an active member of NAIOP and is a graduate of the University of Portland.

 Ira Virden

“Sam has an extensive background covering office agency leasing in the Puget Sound area that has afforded him valuable relationships with many of the area’s top owners and occupiers,” said Ira Virden, Senior Managing Director and co-head of JLL’s Seattle Capital Markets office.

 

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

  

CONTACT:

 

Kristen Murphy

Director, Public Relations

JLL

One Post Office Square, Suite 1100

 

KB Home Selects Blackton To Provide Flooring for New Laurel Oaks Community in Apopka, FL

  

Michael “Micky” Blackton

APOPKA, FL and ORLANDO, FL --- Blackton, Inc., one of the region’s oldest and largest suppliers of materials to the homebuilding industry, was awarded a contract worth an estimated $700,000 to provide flooring for 121 new single-family homes KB Home will build at Laurel Oaks in Apopka. 

Located on Plymouth-Sorrento Road in northwest Apopka, Laurel Oaks will consist of new innovative KB Home floor plans ranging from 1,637 square feet to more than 3,000 square feet of living area. 

Homebuyers at the new community can select from a variety of flooring supplied by Blackton at the KB Home sales office / design studio there.  

Blackton’s work at Laurel Oaks will get underway soon on the homebuilder’s first model at Laurel Oaks expected to be open during the second quarter, according to Michael “Micky” Blackton, chief executive officer. Blackton has been supplying KB Home – one of Central Florida’s top 10 homebuilders – for two decades. 

“Since 2004, we have supplied more than 10,000 of their new homes in the greater Orlando and Tampa Bay areas,” he said.  

Blackton, Inc., a family-owned business headquartered on Alden Road north of downtown Orlando with branch locations in South Orlando, Holly Hill and Leesburg, has been supplying the home building industry from Jacksonville to Tampa for over 68years. 

 

 

CONTACTS:

 

Michael “Micky” Blackton, CEO, Blackton, Inc.

 407-898-2661 

Micky@Blacktoninc.com

 

Beth Payan

Larry Vershel Communications, Inc

407-461-3781,

beth@larryvershel.com

.2433 Lee Road

Winter Park, FL 32789