JLL arranges $318.45M financing for six-property multi-housing portfolio
On January 24, 2022, JLL secured a $318.45 million acquisition loan for a multi-housing portfolio comprising 1,494 units across Maryland, Virginia, and Alabama. The financing, arranged through J.P. Morgan Chase Bank, is a floating-rate, non-recourse bridge loan aimed at facilitating a Single Asset Single Borrower (SASB) securitization. The portfolio includes six properties, primarily in the Washington, D.C. suburbs, benefitting from robust demand for workforce housing, with JLL's Capital Markets team successfully navigating a quick closing timeline.
- Secured a significant $318.45 million acquisition loan.
- Loan facilitates a Single Asset Single Borrower securitization, which is strategically beneficial.
- Portfolio located in high-demand workforce housing markets, enhancing value.
- Successful closing in less than 30 days, indicating strong operational efficiency.
- None.
ORLANDO, Fla., Jan. 24, 2022 /PRNewswire/ -- JLL's Capital Markets group announced today that it secured a
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.
The multi-housing portfolio consists of:
- Park at Kingsview Village, 13414 Daventry Way, Germantown, Maryland
- Stonecreek Club, 12840 Locbury Circle, Germantown, Maryland
- Hunt Club, 404 Christopher Ave., Gaithersburg, Maryland
- 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, Alabama
Featuring 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. 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.
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."
"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."
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. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Carter Multifamily
Carter Funds is a fully integrated real estate company built on over 250 years of real estate experience. Carter Multifamily, a Carter Funds company, is focused on acquiring established, income-producing garden-style apartment properties in high-growth markets throughout the Southern U.S. Carter Multifamily leverages beneficial capital and industry relationships to acquire multifamily real estate investments that are affordable and essential to a growing population of renters. Learn more: carterfunds.com and cartermultifamily.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of
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Email: Jenna.Sharp@am.jll.com
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