Jones Lang LaSalle Inc.

08/03/2020 | Press release | Distributed by Public on 08/03/2020 17:03

$9.26M financing secured for The Forum apartments

MIAMI, FLA. - AUG. 3, 2020 - JLL Capital Markets announced today that it arranged a $9.26 million refinancing for The Forum, a 73-unit mid-rise apartment community located at 1361 Federal Highway in Boca Raton, Florida.

JLL worked on behalf of the borrower, Rosemurgy Properties, to secure the 120-month, fixed-rate loan through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

The Forum features a pool and tropical courtyard, balconies, spacious floor plans, walk-in closets and more. The property is currently undergoing $1.3 million in renovations, including interior unit remodeling, concrete restoration, new exterior painting and repaving of the parking lot and walkways. To date, Rosemurgy Properties has contributed $2 million in upgrades, including HVAC systems, windows, roofing and elevators.

'We are proud to continue providing outstanding apartment homes to the heart of Boca Raton,' said Nic Desiato, CFO of Rosemurgy Properties. 'In addition to the $2 million that Rosemurgy Properties has contributed in upgrades, this financing will further support improvements at The Forum apartments for current and future residents to enjoy, including interior unit remodeling and amenity upgrades.'

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Elliott Throne and Directors Amit Kakar and Jesse Wright.

'The Borrower was able to successfully capture very attractive agency financing,' said Wright. 'This will now allow Rosemurgy Properties to continue providing an excellent product to residents of east Boca Raton, as they have been over the last 25 years.'

JLL Capital Markets 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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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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 $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Rosemurgy Properties

Rosemurgy Properties, headquartered in Boca Raton, Florida, is a privately-owned commercial real estate development, investment and management firm with more than 40 years of experience in the industry. The company maintains a diversified portfolio over several asset classes which include multi-family, self-storage, retail and office. Rosemurgy Properties has developed and acquired over 2 million square feet of commercial real estate in the past 15 years in various partnerships. A developer that has been at the forefront of trends in their respective markets, Rosemurgy Properties is involved with a number of notable projects such as Uptown Boca, the Florida Atlantic University Research Park and Innovation Centre, as well as University Park, the first purpose-built student housing development in Palm Beach County. The company, which includes general contracting, property management and asset management services, owns commercial properties throughout Florida and the Carolinas.