JLL Secures $93M of Development Capital for San Jose Project
- May 16, 2012
San Jose—Jones Lang LaSalle’s Capital Markets experts announced the closing of financing for a $93 million multifamily development in San Jose. On behalf of San Francisco-based Bay West Development, and in conjunction with capital advisory firm Regency Capital Partners, the JLL/Regency team secured equity from affiliates of Berkshire Property Advisors LLC and construction financing from a syndication of Comerica and California Bank & Trust. The combined funds will be used to construct a luxury, tech-forward apartment community within San Jose’s famed “Golden Triangle.”
The River Oaks development, located at 199 River Oaks Parkway, consists of 293 units across a 3.69-acre site. Unit interiors will feature high-end, Class A finishes unique to the local rental market. Community amenities will include a pool, fitness center, resident lounge and more. Construction of the property is expected to commence immediately, with a delivery date of September 2013.
Kennedy Wilson Acquires a Community in Sacramento
Sacramento, Calif.—Kennedy Wilson has purchased Capitol Towers, a 409-unit community located in Sacramento, Calif. The sales price was $64 million, with $50 million in financing coming from HFF/Freddie Mac at 3.51 percent for seven years. Kennedy Wilson invested 50 percent of the equity into the deal.
“The Capitol Towers acquisition is an exciting play on the Sacramento CBD market,” says Robert Hart, president of KW Multifamily Management Group. “The community is just a few short blocks from the Capitol Mall, the State Capitol and the light rail station, exemplifying Kennedy Wilson’s pursuit of higher density infill projects near a major transportation hub and job center that supports 100,000 office and government workers.”
Capitol Towers encompasses a four block area with 203 units in one 15-story tower and 206 villa units surrounding the tower, though the villa portion is zoned for up to 1,290 units. The tower features six ground-floor retail units, and there is a light rail stop adjacent to the property.
American Realty Advisors buys a waterfront asset in Brooklyn
Brooklyn, N.Y.—American Realty Advisors has acquired 111 Kent, a new 62-unit luxury development in north Williamsburg, one of the most popular neighborhoods in Brooklyn. The asset has protected views of the Manhattan skyline and a waterfront park.
The 100 percent leased property was completed in 2011. Amenities include a fitness center, yoga room, pool with roof deck, resident lounge, game room, and garage parking.
“The acquisition of 111 Kent provided an excellent opportunity to invest in an exceptional waterfront multifamily building in one of the strongest growth submarkets in New York City,” says Kirk Helgeson, executive vice president and executive managing director at American. “As demand continues pushing out of Manhattan, the prestigious Williamsburg market has emerged as the primary receiver of the growing tenant base.”