JLL Originates $160M for Arlington Assets
- Mar 15, 2012
Arlington, Va.—Jones Lang LaSalle’s Capital Markets group has secured $160 million in refinancing for The Bennington and Crystal Square, two properties located in the Crystal City submarket of Arlington, Va. The financing was arranged on behalf of Bainbridge Cos. and The Carlyle Group. Crystal Square received a $93.1 million loan. The Bennington secured a $68.3 million loan. Both were originated through Freddie Mac’s CME program.
“The strong, dependable ownership and management provided a compelling case for the long-term financing for these two irreplaceable properties,” says Shawn McDonald, the executive vice president at JLL who led the financing efforts.
Crystal Square is a 17-story, 378-unit high rise located at 1515 Jefferson Davis Highway adjacent to the Crystal City Metro Station. Community amenities include a swimming pool, rooftop health and fitness center, gaming and billiards room, rooftop terrace, an internet café, controlled access, on-site covered parking, a conference center, and a 24-hour concierge.
The Bennington is a 19-story, 348-unit high rise located at 1201 South Eads Street near the Crystal City and Pentagon City Metro Stations. Amenities at the property include a swimming pool, business center, fitness center, on-site convenience store and dry cleaner, controlled access and on-site covered parking.
Crawford Park Financial buys 43 units in Los Angeles
Los Angeles—Crawford Park Financial Inc. has acquired 43 units located in one Los Angeles property comprised of three complexes. The sales price of the transaction was $2.9 million. It was Crawford’s fourth acquisition within the past year.
“This Baldwin Hills location represents an opportunity for us to add value by repositioning the asset through renovation of the property and leasing the vacant units,” says Mark Crawford, president of Crawford Park Financial.
The company plans to invest $442,765 to rehab and reposition the property. Crawford secured financing through George Smith Partners. It was provided by First Republic Bank in Century City.
NorthMarq arranges $15M for apartment community in Minneapolis
Minneapolis—Daniel Trebil, senior vice president/senior director of NorthMarq’s Minneapolis Regional office, arranged first mortgage refinancing of $15 million for York Place Apartments, a 114-unit multifamily property located at 3121 69th Street in Edina, Minn. Financing was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.