JLL Capital Markets arranges $5 million refinancing for Phoenix retail center

  

Camelback East Shops, a 25,129-SF
 neighborhood retail center in Phoenix, AZ

DENVER, CO –  JLL Capital Markets has arranged a $5.3 million refinancing for Camelback East Shops, a 25,129-square-foot neighborhood retail center in Phoenix, Arizona.

 

Located on the southeast corner of 32nd St. and Camelback Rd., Camelback East Shops is leased to a diverse roster of tenants including popular local restaurants, Tarbell’s and First Watch, along with long-standing retailers like Van’s Golf Shops.

Allan Okabe

The MDC Realty Advisors team was led by one of its principals, Allan Okabe, who remarked, “32nd Street and Camelback has been a core, stable asset for MDC since we acquired it over 10 years ago. 

 

 "This high-profile corner within the Camelback Corridor of Phoenix, AZ provides our tenants with high-level exposure and instant recognition throughout the region.

Will Haass

"We are excited about the opportunity to upgrade and re-tenant this unique asset and wish to thank JLL for their efforts in completing this refinancing.”

 

The JLL Capital Markets team was led by Director Will Haass and Executive Managing Director Eric Tupler.

Eric Tupler

“MDC has had this gem of a retail asset in their portfolio for several years and done a phenomenal job positioning it in the submarket,” said Haass. “We look forward to their continued success bringing new concepts into the center and the greater community.” 

 

 

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

 

  

CONTACT:

Jenna Sharp

JLL, Public Relations

 Capital Markets

Dallas, TX

M +1 214 394 3356

Jenna.Sharp@jll.com

 

jll.com

www.mdcra.com

 

 

JLL Capital Markets handles $74.5 million sale of the 230,970-square-foot, Publix-anchored Key Plaza Shopping Center in Key West, FL

Kim Flores

MIAMI, FL – JLL Capital Markets announced  it was an advisor on the $74.5 million sale of Key Plaza Shopping Center, a 230,970-square-foot, Publix-anchored retail center located in Key West, Florida.

 

JLL advised the seller, and Publix Super Markets, Inc. acquired the asset.

The JLL Retail Capital Markets team that advised the seller was led by Executive Managing Director Manny DeZarraga, Senior Managing Director Danny Finkle, Senior Directors Eric Williams and Jorge Portela and Vice President Kim Flores.

Manny DeZarraga

Situated at 1107 Key Plaza, the property is known as a leading grocery-anchored power center within Key West. In addition to being anchored by Publix, tenants include OfficeMax, Dollar Tree and more. In addition, the property benefits from easy access to US1/North Roosevelt Boulevard.

  

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 and sales 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.

 Danny Finkle

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

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. 

A Fortune 500^® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. 

Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

 

 

CONTACT:

Jenna Sharp

JLL, Public Relations

 Capital Markets

Dallas, TX

M +1 214 394 3356

Jenna.Sharp@jll.com

 

 jll.com.  

 

  

JLL Capital Markets arranges $80.5 million refinancing for the 536-unit Chase Village multi-housing community in Eugene, OR

Chase Village, a 536-unit, garden-style
 multi-housing community located
at 375 Marche Chase Drive 
in Eugene, OR

  

 SEATTLE, WA – JLL Capital Markets has arranged the $80.5 million refinancing of Chase Village, a 536-unit, garden-style multi-housing community located in Eugene, Oregon.

 

Jake Wisness

JLL worked on behalf of the borrower, Horizon Realty Advisors, to secure the five-year loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

 

Built in 1990, Chase Village features one-, two- and three-bedroom units with full kitchens, in-unit laundry, wood plank flooring, walk-in closets and some of the largest bedrooms in Eugene.

Community amenities include a swimming pool, basketball court, an updated fitness center, outdoor lounge spaces, a basketball court, a grilling area and a car wash area.

 

Located at 375 Marche Chase Dr, the property sits in Lane County, and residents benefit from outstanding schools and abundant employment opportunities. Both the University of Oregon and Peace Health Corp are within proximity of the community.

 

The JLL Capital Markets Debt Advisory team was led by Managing Director Jake Wisness and Associate Jake Davidson.

 

Jake Davidson

“In today’s capital markets environment, Freddie Mac continues to offer accretive financing with flexible interest rate buydown options that give borrowers competitive pricing relative to other capital sources," said Wisness.

 "This loan will allow Horizon Realty Advisors to continue operating a community that has been a mainstay of Eugene for more than thirty years. JLL is extremely grateful to be a part of this transaction,”

 

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

 

CONTACT:

Jenna Sharp

JLL, Public Relations

 Capital Markets

Dallas, TX

M +1 214 394 3356

Jenna.Sharp@jll.com

 

 

jll.com.  

 

 

JLL Capital Markets represents Northridge Capital in securing the refinancing for the W Aspen, an 88-key ski resort hotel in Colorado.

 ·                                  

The W Aspen, an 88-key ski resort hotel in Aspen, CO.

 WASHINGTON, DC –  JLL Capital Markets has arranged the refinancing for the W Aspen, an 88-key ski resort hotel in Colorado. Financial details were not disclosed.

Emma Buch.

 

JLL worked on behalf of the borrower, Northridge Capital, and secured the loan from Riyad Bank.

Chris Hew 

The JLL Capital Markets team was led by Managing Directors Chris Hew and Jeff Bucaro, Executive Managing Director Eric Tupler and Associate Emma Buch.

 

“The W Aspen is an irreplaceable asset and we’re very proud to have played a part in the financing effort here,” said Hew.

 

The W is a short walk to the heart of downtown Aspen’s historic shopping and dining district and nestled at the base of Aspen Mountain.

 

The W Aspen opened in the Fall of 2019 and is the first new ground-up hotel construction project to deliver in Aspen in over 25 years.

Jeff Bucaro

The five-story hotel is located at 550 South Spring St. and totals 74,184 square feet. Key features include first-class amenities with a rooftop deck featuring a heated pool and spa with panoramic views of Aspen Mountain, Independence Pass, Red Mountain and Downtown Aspen.

 

Additional amenities include three food and beverage outlets, meeting/banquet space, a fitness facility, fire pits, rooftop cabanas, structured parking and a seasonal ski shop.

 

Located over 7,900 feet above sea level in the heart of the White River National Forest, Aspen is a historic mining town that has been transformed into a global destination offering a limitless assortment of first-class outdoor activities as well as best-in-class retail and dining options.

 Eric Tupler

Aspen draws year-round demand from across the globe with eleven direct flights into Aspen County Airport from major hubs across the United States.

 

“After the post-pandemic roller-coaster ride that was mountain resort hotel performance during 2021-22, travel patterns and hotel performance returned to a semblance of “normal” during 2023.

 

"As we near sell-out of our remaining residential inventory, this was an opportune time to look for permanent hotel financing, and we feel fortunate to have made the connection with Riyad Bank – Houston Agency and established a positive working relationship that we look forward to continuing for many years,” remarked Northridge CEO Dave Jackson.

Dave Jackson

“It was great to field a deep pool of prospective lenders interested in refinancing the W Aspen, proving there is plenty of liquidity for iconic, irreplaceable assets in desirable markets.  

"We picked the right partner in Riyad Bank and look forward to a strong relationship for years to come” added Northridge Managing Partner, David Etemadi.

 

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

 

northridgecapital.com.

jll.com.  

 

 

Most Affordable Homes Report Compiled by BestBrokers.com

 Paul Hoffman

SEATTLE, WA -- BestBrokers.com has issued its comprehensive report on the U.S. housing market, identifying the US states where homes are most affordable, when compared to the average income there.

According to Paul Hoffman of BestBrokers.com, "despite a slight decrease in mortgage rates before the end of 2023, prices remain painfully elevated and a limited housing inventory is still failing to keep up with the high demand.

"Eager to discover how prices vary by state and where prospective buyers can find affordable housing options, our team at BestBrokers meticulously analyzed U.S. housing market data as of 2023, provided by Redfin of Seattle, WA.

"We correlated the median home prices in every state with the most recent official per capita income figures. Then, we ranked the states based on how many years' worth of annual income it would take the average American to buy a home.

"According to our findings, the median U.S. home price reached $408,428 last year, while the income per capita stood at $68,786 as of the third quarter.

"This equates to the median house costing about six times more than the average salary nationwide. Hawaii leads the way as the worst state for home affordability, with homes costing 11 times the median annual income, whereas North Dakota emerges as the most affordable state for homebuyers as homes there are barely 3 times the personal income per year.

Hawaii shoreline

Key takeaways from our report:

·                                 Residents of North Dakota, the most affordable U.S. state, cover 27.85% of what they would need to pay for a home each year. As a result, they must save about 3 years and 7 months' worth of their salaries ($73,090/year) to cover the median price of a home ($262,465);

·                                 Hawaii, the least affordable state for homebuyers, features a per capita income of $65,725, which constitutes solely 9.23% of the median home’s price ($712,100). Put simply, people need to set aside almost 11years’ worth of earnings to afford a home;

North Dakota apartments

·                                 Florida recorded the highest number of homes sold last year (379,355) and holds the top position when we consider the home sales per 1000 people ratio (16.78);

·                                 West Virginia bottoms the ranking when we examine the same ratio (2.44), while North Dakota, despite being the most affordable state, recorded the lowest number of home sales in 2023 (3,125);

·                                 "Living on the coast tends to be more expensive than inland areas due to higher prices of goods and services as well as elevated taxes and insurance costs.

CONTACT:

Paul Hoffman

 BestBrokers.com

research@bestbrokers.com