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JLL Capitalizes $302M for Refinancing of Six-Property DC Area Portfolio
JLL has secured $262 million in debt and $40 million in equity for the refinancing of a six-property, 1,494-unit, garden-style multi-housing portfolio scattered across AL, MD, and VA.
Melissa Marcolini Quinn and Lee Weaver of JLL represented Tampa, FL-based Carter Multifamily, to secure the seven-year, floating-rate loans through Freddie Mac Multifamily. The loans will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. JLL also worked to secure the equity through an institutional investor.
The multi-housing portfolio consists of:
- Park at Kingsview Village (326 units) in Germantown, MA
- Stonecreek Club (240 units) in Germantown, MA
- Hunt Club (336 units) in Gaithersburg, MA
- Springwoods at Lake Ridge (180 units), 12395 Midsummer Ln., Woodbridge, VA
- Windsor Park (220 units), 3937 Penshurst Ln., Woodbridge, VA
- Oaks of St. Clair, 5050 Oaks of St. Clair Circle, Moody (Birmingham), AL
“Despite turbulent debt markets, we were able to facilitate a refinance of the real estate portfolio with favorable senior financing from Freddie Mac, who was attracted to the deal due to the portfolio’s contribution to its mission and the borrower’s strong track record,” said Quinn.
Photo: Oaks of St. Clair
- ◦Financing
