$33.1M in financing secured for three Connecticut multi-housing properties

MIAMI, May 25, 2022 - JLL Capital Markets announced that it has arranged $7.7 million in supplemental acquisition financing for the 198-unit The Berkley / Quincy Lofts and $25.4 million in supplemental financing for the 464-unit The Waypointe in Norwalk, Connecticut.

JLL worked on behalf of the borrower, Beachwold Residential, to secure two nine-year loans through Freddie Mac Multifamily to go with the two existing senior loans Beachwold is assuming that JLL placed for the seller in 2020. The loans will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. The Berkley / Quincy Lofts are financed as one entity.

Built in 2016 and 2017, The Berkeley / Quincy Lofts are both six-story, mid-rise apartment communities featuring 10,407 rentable square feet of retail space. Constructed in 2015, the Waypointe consists of two multi-housing buildings and 51,000 square feet of retail space. The residential units of the properties offer stainless steel appliances, kitchen islands, spacious closets, and balconies/patios in select units. Community amenities include fitness centers, spin studios, a rooftop terrace and a club/lounge featuring game rooms, a cinema, and a demonstration kitchen.

The properties are located at 500 West Ave., 30 Orchard St. and 515 West Ave., offering proximity to I-95, Norwalk's Metro North, South and East Train Stations and major employment nodes.

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Mona Carlton, Senior Managing Director Elliott Throne, Senior Managing Director Scott Aiese and Director Kenny Cutler.

"Beachwold adds high quality apartments with substantial scale by purchasing this portfolio," Cutler said. "They were able to keep a very attractive interest rate from existing senior loans and add meaningful supplemental proceeds, one of the many benefits of Freddie Mac financing."

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation's largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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