Finance

Residences at Bolivar in Cleveland, Ohio
DevelopmentFinanceMidwestNewsOhio

SomeraRoad Secures $38.5 Million Construction Financing for Residences at Bolivar in Cleveland

by Channing Hamilton

CLEVELAND — SomeraRoad Inc. has acquired $38.5 million in construction financing, in addition to Co-GP equity, for the development of Residences at Bolivar in downtown Cleveland. Leon McBroom, David Gaines, Lucas Borges and Will Haass of JLL Capital Markets represented the borrower. JLL arranged the loan through a Midwestern regional bank and also secured Co-GP equity investment with LCI Development Partners, an affiliate of Leopardo Companies, who is acting as the General Contractor on the project.  Residences at Bolivar will include 184 rental units, as well as 2,611 square feet of …

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Courtyard Apartments at La Pat Place
CaliforniaDevelopmentFinanceNewsWestern

CBRE Brokers $10 Million Sale of Courtyard Apartments at La Pat Place in Westminster, California

by Channing Hamilton

WESTMINSTER, CALIF. — CBRE arranged the sale of Courtyard Apartments at La Pat Place, a 30-unit community in Westminster. The asset was sold to a private investor for $10 million. Dan Blackwell and Andrew Boukather represented the buyer and seller in this transaction. The buyer and seller were not disclosed. Courtyard Apartments at La Pat Place was built in 1963 and offers a mix of studio, one-, two- and three-bedroom floor plans. All 30 units were remodeled as part of the $1 million in renovations completed by the seller.

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Highgate at Livingston in Livingston, N.J.
DevelopmentFinanceNew JerseyNewsNortheast

Continental Properties Secures $49.7 Million to Construct Highgate at Livingston in Livingston, New Jersey

by Channing Hamilton

LIVINGSTON, N.J. — Continental Properties has received a $49.7 million construction loan for the development of Highgate at Livingston, a 169-unit development in Livingston. Michael Gigliotti, Matthew Pizzolato, Michael Lachs and Benjamin Morgenthal of JLL Capital Markets arranged the financing through Truist Bank. Highgate at Livingston will rise four stories. Units will come in one-, two- and three-bedroom floor plans. Amenities include a clubhouse, private dining, a fitness center with a yoga studio, co-working lounge, pool, outdoor kitchen, bar, outdoor TV lounge and a dog run. A construction timeline for …

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Estrella Vista in Emeryville, California
Affordable HousingDevelopmentFinanceIndustry Voices

Why Affordable Housing is the Most Needed Investment of 2023

by Channing Hamilton

Despite many regional and federal efforts, there is a staggering deficit of over seven million affordable and workforce housing units, according to the National Low Income Housing Coalition (NLIHC). For many, this can seem like an insurmountable challenge. However, housing professionals and developers able and willing to navigate the sector’s many nuances have the opportunity to do good while doing well, tapping into insatiable demand while building out their long-term pipelines. Recognizing the Scope of the Problem Location is the most important factor for many builders when searching for and …

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FinanceIllinoisInvestment SalesMidwestNewsPeople News

JLL Capital Markets Selects Bill Baumann as Managing Director

by Channing Hamilton

CHICAGO — Bill Baumann has joined JLL Capital Markets as a Managing Director in the firm’s Chicago office. In this role, Baumann will focus on both apartment investment sales and financing deals in Chicago and the Midwest, representing owners and developers. He will report to Senior Managing Directors Danny Kaufman and Jaime Fink. Prior to joining JLL, Baumann served as as principal and managing broker of Monarch Realty Partners, a Chicago-based multi-housing brokerage firm he co-founded in 2016. He earned his bachelor’s degree from Yale University and his MBA from …

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FinanceNewsPeople NewsWashingtonWestern

Seth Heikkila Rejoins JLL Capital Markets as Senior Director

by Channing Hamilton

SEATTLE — Seth Heikkila has rejoined JLL Capital Markets’ multifamily team as a Senior Director in the Seattle office. In this role, Heikkila will focus on multifamily debt advisory. Heikkila previously worked at JLL from 2010 to 2019, where he served as Vice President of multifamily investment sales and Senior Vice President of Capital Markets. Most recently, he served as a first Vice President of Capital Markets at Institutional Property Advisors.

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GroveParc Townhomes in Wesley Chapel, Florida
Build-to-RentDevelopmentFinanceFloridaNewsSoutheast

ResiBuilt Secures $38 Million in Construction Financing for BTR Community Near Tampa

by Channing Hamilton

WESLEY CHAPEL, FLA. — ResiBuilt has received $38 million in construction financing for GroveParc Townhomes, a 190-unit, build-to-rent development located in the Tampa, Florida suburb of Wesley Chapel. Max La Cava, Matthew Putterman and Drew Jennewein of JLL Capital Markets secured the loan through a regional bank. GroveParc Townhomes will offer three- and four-bedroom townhome units with garages and backyards. Amenities include gated access, a clubhouse, pool, fitness center, playground dog park, pickleball courts and a lakeside trail. The project is expected to be completed in January 2025.

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FinanceMidwestMissouriNews

Drever Partners Secures $15.7 Million to Refinance The Penleigh-Branson Row Micro Apartments in Branson, Missouri

by Channing Hamilton

BRANSON, MO. — Drever Partners has received a $15.7 million loan to refinance The Penleigh-Branson Row, a 325-unit micro apartment complex in Branson. Franklin Templeton provided the CMBS loan, which includes a 10-year term and a 60 percent loan-to-value ratio. The property was converted from a hotel and was leased up in nine months. CoreVest Finance, a division of Redwood Trust Inc., provided the original financing and construction loan for the conversion. Drever Partners is now raising capital for The Penleigh-Live Oak, which will sit adjacent to The Penleigh-Branson Row. …

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Linx Plaza Apartments in Mobile, Alabama
AlabamaFinanceNewsSoutheast

L2 Investments Secures $14.7 Million to Refinance Two Properties in Mobile, Alabama

by Channing Hamilton

MOBILE, ALA. — L2 Investments has acquired $14.7 million to refinance two properties in Mobile comprising a total of 334 units. Alex Jaffa and Michael Muller of Eastern Union brokered the transaction. The lender was Arbor Realty Trust. Eastern Union arranged a $9.2 million loan for the refinancing of Linx Plaza Apartments, which comprises 214 units across 16 buildings on a 109,000-square-foot site. Linx Plaza Apartments was constructed in 1976. Eastern Union also arranged $5.5 million to refinance Plantation Apartments, a 120-unit community that was built in 1977. Plantation Apartments …

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CaliforniaFinanceNewsWestern

California Landmark Receives $24.6 Million to Refinance Woodlark Residences in Larkspur, California

by Channing Hamilton

LARKSPUR, CALIF. — California Landmark has secured $24.6 million to refinance Woodlark Residences, an 80-unit community in Larkspur. Greg Reed, Kristen Croxton and Tina Quirin of Capital One arranged the five-year fixed-rate Freddie Mac loan. California Landmark acquired the property in 2014 and has since invested $3.7 million toward capital improvements, including renovations to all units as well as common areas and amenities. According to Apartments.com, the community currently offers amenities such as a pool, fitness center, grill and picnic area, a lounge and internet access.

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