TODAY'S DEALS: Jones Lang LaSalle Secures $98M Financing for Greystar
Jones Lang LaSalle lands $98 million in acquisition financing; KBS acquires a 196-unit asset near Chicago; and Beech Street Capital provides $12.5 million for 50 units in New Jersey.
Boston—Jones Lang LaSalle’s Capital Markets experts announced the firm secured $98 million in senior financing for the acquisition of the 1,020-unit Jefferson Hills in the Boston submarket of Framingham, Mass. Greystar financed the purchase with a loan from Freddie Mac’s Capital Markets Execution program.
Jones Lang LaSalle’s executive managing director Tom Fish, managing director Faron Thompson and vice president Catherine Justice led the financing efforts.
“Once again, Greystar’s sponsorship provided an extremely compelling case for lenders interested in Jefferson Hills’ irreplaceable location and its significant upside,” says Fish. “Through the combination of a talented organization, discretionary capital, and Freddie Mac as a lender, Greystar has positioned themselves to be one of the most efficient and reliable multifamily buyers in the market.”
Jefferson Hills is located at 1610 Worcester Road in the MetroWest office market just 30 minutes from Boston. The property was originally developed between 1974 and 1976, and renovated from 1998 to 2008. The property consists of four six-story mid-rise apartment buildings. Amenities include a clubhouse with fitness center, business center and resident lounge, tennis, basketball and volleyball courts, and resort-style swimming pool with sundeck. It is currently 95 percent leased.
KBS acquires 196-unit asset in Chicago suburb
Schaumburg, Ill.—KBS Legacy Partners Apartment REIT has acquired Poplar Creek, a 196-unit apartment complex located in Schaumburg, Ill. The 12.8-acre complex was acquired free and clear of existing debt. The 95 percent occupied asset was purchased for $27.2 million. The REIT funded the acquisition with a $20.4 million seven-year multifamily note and proceeds from its ongoing initial public offering.
Poplar Creek was built in 1986 and renovated in 2007. The asset offers one- and two-bedroom units in 20 two-story residential buildings. Onsite amenities include a resort style swimming pool, 404-space parking lot, and direct access to a fitness park with tennis and basketball courts.
Beech Street Provides $12.5M for N.J. Apartments
Weehawken, N.J.—Beech Street Capital LLC has provided a $12.5 million Fannie Mae conventional loan to refinance The Simone, a ground-up, 50-unit community located in Weehawken, N.J. The transaction was originated by Meridian Capital Group.
The Simone, completed in 2011, was built by the borrower. By early July the asset had achieved 85 percent occupancy. It now stands 100 percent occupied. The fixed-rate loan has a 10-year term and 30 years of amortization payable on an actually/360 basis.
